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Transcript

Hi everyone, Welcome to Insurance Insight by Policy Bazaar. Today is a special episode hosted by Policy Bazaars business vertical, Policy Bazaar for Business. I'm honored to be joined by Vivek Agarwal who is heading the controllership strategy and investor relationship at Simply Works. Simply Work was founded in 2018 in response to the growing demand for outsourcing working spaces. In a very short time, Simply Work has become one of the largest player in this market and their clientele. Most very large MC players and Fortune 500 companies welcome Vivek to our show. Thank you for having me on the show, Eva. It's a pleasure and look forward to a meaningful interactions around the zoo. So Vivek, my first question to you is that a typical employee, a salaried person spends about 8:00 to 9:00 working hours or four to five working days in their office. It becomes like a second home and we want to. So what simply work is doing to make these spaces comfortable and functional for these employees. So that's a very nice question, Eva. So at as simply work, the first and foremost endeavor is put on the employee Wellness, what we feel as a management and as an overall board and what when we discuss with the board as well employees are put on the 1st and the topmost priority before anything else what we feel is any employee if he is happy. The business will also survive to the longest extent to cover this. We feel the office space which we built for the client or for our own employees as well becomes a very important part in partial. Like you very well mentioned, it's a second home for the employees. And the first and foremost thing which goes into the designing of the workspaces is the design. We create a lot of vibrant atmosphere in the the colors which we try and use are all bright sunny colors because that is also something which we have learned from our research creates a lot of reference when employees come to the office. Lot of collaborative spaces at the end of the offices, we have dry pantry, which is a dry cafeteria second and the most important thing again which is given a lot of focus is on the air filter quality thing is we also try and give Wellness rooms to the employees. Got a lot of nursing facilities as well. So that in case any employee is not well or probably slightly down in the work, you can go and take some rest and then come back revived and very much refreshed. So that is an overall initiative which we try and do. Was part of simply work offerings for our employees in terms of office spaces. My second question to you is now that you see that there is a gaining momentum in the Co working spaces, how do you think the trend will be in the upcoming years in this space given the current atmosphere and? The way current workspace or the workplaces are getting traction especially after the mandatory return to work for many of the offices, we are witnessing a very significant amount of demand. The target of achieving a 12 month potential has already been achieved at a nine month potential level itself. So what could have been achieved in March, the rates have been able to achieve the potential in December itself and the occupancy level currently is in the sub 80 plus percentage which also shows the. Space which is being created as a part of the supply mechanism for the overall demand uptick. We're saying that the demand uptick is so high that the supply slightly is going towards the constraint end. So the trend which we are witnessing is clients spending a lot of time on the design part of the office which goes for two to three months where to see earlier clients spending 30 days or so. But right now clients have started spending plus on the plus of 50 days or so to design the spaces we are also seeing the development of. The office spaces in the rural sectors, which is the Grade 2 cities for example, we're seeing a lot of demand spurred in and around Guwahati in an Baneshwar in another Tier 2 cities. So basically when I talk about Karnataka, its Mysore after Bengaluru, when you talk about the Northern part, Noida seeing a lot of traction. All of the clienteles who are part of Gurgaon micro market are slightly shifting their bases to Noida now. So we are seeing a mix of the trend which is. Having an own office, having some part of it also which is a managed office setup and the overall demand after both of this going into a Co working setup as well. So pass is fast growing a stable demand and we're seeing a good CPR growth in this sector as well. So overall scenario looks very positive given the return to work, collaborative work scenarios and office space becoming a slightly known core activity for the larger management. You have been an industry veteran and I have worked in different. Files in different companies. We want to know which has been your most memorable project so far. It's been a journey in this sector while I've looked at various sectors. Looked at some part of consulting earlier in the career and then you know was a part of the larger finance team and currently heading the finance function will simply work looking into controllership, the investor relations part of it. One project which actually comes to the mind is setting up of the finance function at large. The project was divided into few aspects. One was setting up a larger team, ensuring the team is mature enough and to grow the maturity of the team over a period of time because development of maturity also takes some time. So we have holistically developed a finance function which was into overall accounting piece, taking care of vendor billing, issuing invoices to our clients on a real time basis, any cash flow mechanism. Setting up the investor relations piece wherein the investor data is ready in the real time basis because that is very important going for fundraising, taxation part of it. So this is something which we have developed holistically over a period of time wherein the salaries have to go on time at the same time they're compliant. So given this all endeavors with. Compliance, taxation, overall controllership, investor relations, business finance, setting up of ERP, setting up of the overall processes of the company. Was an overall project for me. Another project which comes to my mind and I will take a minute from here is the diversity work week. So as a part of the earlier organization to host a lot of programs wherein we used to invite algebraic community as well. Overall this project gave me a lot of virtues or value system in terms of where you enjoy the company of other human beings and overall pass a respect and have that kind of bonhomie for the larger community at large. So these are the couple of projects. Which come to my mind as the industry is evolving and you are catering to different industries as well. How is simply work coping the different dynamics of different industries such as tech or healthcare etcetera. So when we discuss about clients, so the mandate which has flown and as a cultural atmosphere which we have built as a part of a simple versus DNA is the client is at the center of any value system because if your client is happy your business will thrive and survive. One thing which we focus a lot on to give a very aesthetically and Biophilia kind of design to our clients so that it's a wow factor. Second thing is we spend a lot of amount of time and money on having a very robust feedback mechanism process into place wherein the client can share their feedback on a real time basis if there is any kind of issues with them as part of the Simply Work offerings. And the third and the most important thing which we sit across and discuss with the client. Is the rate card approach, so the cost at which the client can buy a ergonomic furniture or any kind of interior fitouts. However, cost is not efficient because we do a lot of bulk purchases from these kind of vendors. So when we go to the client with an offering which is given on time has got a lot of cost savings and there's no hassle for the client. It becomes a known conductivity and while the client can focus on their core activities, they can focus on sales and operations. So this is what simply work tries and does for the client to bring that wow factor giving client at the core of the value system while dealing with multiple stakeholders and valuable assets. There are many risk that gets involved. We want to understand that how simply work, deal with such risk and ensure a smooth operation at the workplace like I was focusing on the compliance and the risk part of it. While finance has got its own kind of risk and compliance to be dealt with with certain regulators, our focus is supreme when it comes from the operations part of it. So covering the risk. When he was running such a large setup. Becomes very, very important. So what we have done is we have a very comprehensive risk assessment tool and policy within Simply Work. We have a policy of going only for grade buildings. We don't go for any other building apart from grade. When I call it grade A, This buildings are very much fire compliant. They have got the lifts up and running. And then I call lifts up and running. They have got a proper AMC system in place. We also have a very robust IT policy wherein we monitor our IT system because there is a lot of data which flows in and out of our system. So we'll try and cover that as well. What we've additionally done is we've also taken insurance coverages for our fixed assets. So we assess and whenever the client goes live, we go to our service providers and take insurance coverages for the fixed assets as well. We also focus a lot on the employee Wellness. What is this? Because ultimately we feel employees also are a part, very large part of the value system and the ecosystem which is we're taking care of them is also very, very important. So these are the overall risk coverages and insurance coverages which we do when running a large setup like simply Work to ensure we have an overall preventive mechanism rather than a reactive mechanism in place. So according to you, what is in holistic employee benefit program for the company, any organizations? Thrives, thrives while. The client is at the value system, but how do you deliver? The delivery has to be done by the employees. So we place employees at a very, very high standard and level when it comes to the Wellness programs we would. Want to add a lot of OPPD offerings as well, which is outpatient department offerings as well as part of our. Insurance policy. We also want to add a lot of Wellness programs. When it comes to Wellness programs, it should be yoga. It should be having a package from the provider who can talk to the employees when the employees are in stress. Because these are something which many organizations don't try and focus and this is becoming very, very important. In today's world, another couple of items which we would want to add to the Kitty is unlimited online Tele consultation and video conferencing methods. Another thing which we would want to focus is a app wherein on a real time basis you know where your claim is stuck. You can get your Health E cards, you can talk to the insurance provider. So it becomes a holistic offerings at the fingertips of the employees. That's wonderful to know, Vivek and I'm glad to say that we at Policy Bazaar for Business also hold the same. Value system for our clients. Now you've been associated with Policy Bazaar for Business, how has been your journey so far? So we have associated with Policy Bazaar for Business. For our health and the medical offerings. And we have been satisfied in this journey with Policy Bazaar because it comes with a lot of tech offerings. What we've seen traditionally is. You have to dial up to the insurance agent, wait for your E cards and the situation. When your dependents are going to be admitted or they are in some kind of emergency, you're already anxious about the situation. What Policy Bazaar has done very differently is developing a new age tech tool. One example about Policy Bazaar is your A cards at your fingertips. You just say hi onwards to a specific number and your E cards will just come. Just flash it before your eyes. So the association. With policy, Bazaar for business. Till date has been very meaningful. Because they have defined insurance needs. With a lot of tech enabled initiatives. And Wellness programs to back width at an overall offering level. Another offering by policy Bazaar for Businesses or Real Time. Enablement of the business wherein you can talk to your vendor partner on a real time basis to find solutions and especially focusing on the healthcare part of it. Lot of offerings on one single app. Where in your insurance coverage is also taken care and your employee Wellness is also taken care for any company who is very focused on employee well-being initiatives. Policy Bazaar for Business is a great offering. For the tech. Back in insurance in ETFs which they have developed. Thank you Vivek. It was a pleasure speaking with you and we are very, very grateful for your insights. We hope to see you soon on the show again. Thank you so much Eva and Policy Bazaar for having me on the show. Pleasure speaking and look forward to few more meaningful podcast and interactions in the future. Absolutely. Thank you. Thank you everyone.