The Hyderabad-headquartered employee benefits broker enters its second decade with 90% client retention and a 4.9-star Google rating across 3,800+ reviews
HYDERABAD (TELANGANA): Every corporate health policy carries the same quiet assurance: on the worst day of an employee’s life, help will come. Too often, what comes is a portal that will not load, a helpline that cannot decide, and a family told to wait. Ethika Insurance Broking Pvt Ltd was built for exactly that moment.
That conviction became a licence on 8 August 2016, when the Insurance Regulatory and Development Authority of India (IRDAI) registered the firm as an insurance broker. Ten years on, the yardstick has not moved: the claim, not the sale.
Founded by Susheel Agarwal, Ethika is bootstrapped and profitable, with no outside investors. It serves more than 750 companies across IT, pharma, manufacturing and services, and handled more than 15,000 claims in the last year alone.
The claims-first model
Under Protect, Ethika places and services group health, group personal accident, group term life and allied commercial covers. Every claim reaches Red Carpet, its in-house claims team, before it reaches the insurer or the third-party administrator (TPA), so gaps and errors are caught on the client’s side of the table; typical cashless approvals to date have come through in under an hour. Rise delivers a personalised wallet of 30+ benefits spanning physical, mental, financial and everyday care, and Ethika Hub gives HR and employees one place for enrolment, claims tracking and wellness.
“A company has two jobs for its people: help them rise, and protect them when they fall,” said Susheel Agarwal, Founder, Ethika Insurance Broking. “We started Ethika on that belief in 2015. What I am proudest of is not a number. It is that when a claim turns hard, a real person
from our team picks up and stays until the matter is closed. We promise the fight, never the outcome.”
The promise traces to a night in 2021, when the team stood by a family through a denied claim no one else would take up. Agarwal has described it as the night that decided who the company would be.
“A broking licence is not a trophy. It is a standard we must meet every day,” said Sandeep Mukka, Co-founder and Principal Officer, Ethika Insurance Broking. “A broker answers to the client, not to any insurer, and IRDAI’s regulations put that in writing. Our focus does not change: transparent advice and disciplined compliance.”
Recognition and the road ahead
The outside proof points the same way. Independent audits (SOC 2 and ISO 27001) certify how Ethika guards employee health data. Its own employees’ feedback earned it Great Place to Work certification in 2026. The Indian Chamber of Commerce has named it Asia’s Best Innovation-led Insuretech.
The firm also runs offices in Bengaluru and Mumbai and Reside from Work, a work-in-nature campus near Zaheerabad. The next decade’s investments go where the last one’s did: claims capability, Ethika Hub, and benefits workshops for founders and HR teams.
“What I watch most closely is how many clients are still with us, because retention is the truest review a broker gets,” said Sarath Reddy, Co-founder, Ethika Insurance Broking. “Companies stay for what happened the last time one of their people needed us. What comes next is growth without ever letting that slip.”
