Leaders

The corporate business risk landscape is very dynamic and evolving, more especially in the fast-developing markets of G.C.C., especially, the U.A.E., which continues to experience tremendous growth stride since the last 3 decades across all business sectors. The demand for sophisticated bespoke insurance and risk management solutions for Corporates continues to spur. PRUDENCE, as a boutique specialty insurance broker, plays a very pivotal role in advising corporates, banks, and financial institutions on a holistic Enterprise Risk Management (ERM) exercise and accordingly best structure, place & service customized Corporate Insurance Program, based on best-benchmarked international standards and practices.

Poonam established Prudence Insurance Brokers in 2004 in Dubai with a clear opportunistic focus on providing risk-driven bespoke corporate insurance solutions. Prudence has advised and serviced Fortune 500 companies across a diversified business spectrum. Poonam, with a family background in banking and insurance, developed an early interest in the insurance industry and joined a specialized vocational 10+2 course in Insurance promoted by the General Insurance Corporation of India (GIC) in 1992 and later graduated with a specialization in Finance. She pursued insurance accreditation with a Fellowship from the Insurance Institute of India followed by an Associateship from the Institute of Risk Management, London. Poonam is also a qualified lawyer with a specialization in Contracts and Corporate Law. A combination of finance, insurance, risk management, and law education backed by 3 decades of international insurance industry practice, provides her a perfect blend and professional edge to sustainably drive PRUDENCE’s growth and expansion.

In an in-depth conversation with Women Entrepreneur magazine Poonam shares with us her professional journey and the various lessons she has gathered on the way. Let’s hear it from her.

Tell us about Prudence Insurance Brokers. What were the underlying idea behind the venture and some of the services the organization offers?

The idea of Prudence Insurance Brokers, Dubai was conceptualized by me in 2004. Later was joined in by my partners, Hemchandra Barke (CEO & my hubby) and Thomas Philip (G.M.). UAE at that time was embarking on a massive economic and infrastructure boom like the region has never experienced before. The conducive & welcoming environment of the U.A.E., motivated me to harness the opportunity of excelling in the U.A.E.’s growing insurance industry. We come with rich international & regional insurance industry backgrounds of underwriting, broking, risk management, law, and marketing thus providing a one-stop efficient insurance broking business model.

As a boutique specialized broking firm, we focus on providing bespoke risk-centric insurance solutions for Corporates, Banks, and Financial Institutions. Our solutions encompass Supply Chain Risks, Assets & Business Interruption risks, Projects, Liability, Employee Benefits, Trade Credit & Political Risks Insurance, and more.

With an ambition for international growth, I expanded our business to the U.S. in 2012, and in 2019, we expanded to the U.K. and got licensed as the Lloyds of London Broker, the world’s oldest (+300 years) and most prestigious reinsurance market.

What are some of the responsibilities you shoulder as the Managing Director of the Prudence Insurance Brokers? How do you drive the growth of the organization?

Business strategy, market positioning, client USPs, products-mix specializations, partnerships development, geographical expansion, and human capital optimization - are my prime areas of focus.

Our insurance industry is very dynamic and fast evolving and my role is to ensure that we continuously innovate & provide bespoke insurance solutions best cater to strategic and emerging risks.

What are some of the most critical business challenges that you face as a leader in the insurance sector?

In this ever-evolving world, the risk landscape keeps changing due to shifts in the geo-political environment and business dynamics of the corporate world. My challenge continues to proactively manage, update and develop risk-driven insurance solutions to best cater to our clientele.

Human Capital plays a very pivotal role in our insurance industry. Imparting professional state-of-the-art on the job training and positive motivation are the key to success in retaining a happy team and happy clientele. My challenge is to ensure that we continue to stay on top of this game!

"Prudence insurance brokers provides comprehensive multi-faceted insurance solutions to best protect your business"

What are some of the significant milestones that you have attained through your professional journey and what is your success mantra?

Academic excellence pursuit & professional growth strides with Prudence starting from Dubai in 2004 and expanding to the U.S. in 2012 and the U.K. in 2019 to get licensed as the Lloyds of London Broker, the world’s oldest (+300 years) and most prestigious reinsurance market with an ambition for international growth are my key milestones. From insuring mega projects in Dubai to space satellites to the world’s largest UAE manufacturers, a string of Fortune 500 corporates and a diversified spectrum of growing SMEs continue to be our milestones for sustained success and growth.

My success mantra is that I let my work speak for me. Winston Churchill’s quote truly inspires me - 'Success is not final. Failure is not fatal. It’s the courage to continue that counts.'

What advice would you give to young women and girls who also aspire to become business leaders and entrepreneurs in the future?

Dare to dream & follow your passion! I took the courage to start Prudence Insurance Brokers in my mid-twenties and when my first child was barely a year old. With sheer determination, hard work, perseverance, and a ‘Can-Do’ positive attitude, everything became achievable. There is no shortcut to success and no alternative to hard work. Finally, I would like to share 2 inspiring quotes for budding women entrepreneurs:'

If you don’t build your dreams, someone else will hire you to help them build theirs’ - Dhirubhai Ambani, and 'The future belongs to those who believe in the beauty of their dreams’ - Eleanor Roosevelt.

Poonam H. Barke, Managing Director, Prudence Insurance Brokers LLC

Poonam Barke is a seasoned entrepreneur with over 30 years of experience in the insurance industry. She is a qualified Fellow of Insurance, an Associate in Risk Management from the UK, a Finance Graduate, and has a Degree in Law specializing in Corporate and Contracts Law all of which helps her to navigate the nuances of the insurance world and excel as a boutique specialty global insurance broker.