Risk-aware SMEs propel commercial insurance like cyber and D&O liability: Qian’s Umang Shah

In a space long dominated by legacy players and transactional relationships, Qian Insurance wants to rewrite the rules of B2B insurance. Founded by brother Umang and Hemik Shah with no prior experience in corporate insurance, Qian is today helping mid-sized enterprises navigate complex risks—from cyber threats to infrastructure guarantees. In a conversation with The Economic Times Digital, Umang Shah shares how the company identified a massive gap in the commercial insurance ecosystem, built trust in a traditional industry as young founders, and simplified complex procedures for Indian businesses. Edited excerpts

The Economic Times (ET): What inspired you both to venture into the B2B insurance advisory space—something not typically seen as glamorous or startup-friendly? Why the name “Qian”?
Umang Shah (US): Initially, when we started off, we had no idea of what the B2B insurance space was. We were into selling term insurance and health insurance. Thankfully, right at the start we realised the gap in the B2B insurance space. We understood how underserved the B2B insurance space really was. We understood the risk of changing the entire business plan, but eventually did it because of the critical role it plays in business continuity. We kept seeing businesses were either underinsured or stuck with unsuitable coverages, mainly because they didn’t have access to the right advice or clarity.

As for the name "Qian" it’s inspired by the Mandarin word for wealth or money, but for us, it represents more than that. It reflects value, prosperity, and long-term security, all of which align with our mission of protecting businesses and helping them thrive. Plus, it’s short, unique, and easy to remember, much like how we intend to make business insurance: simple and impactful.


ET: What were some of the biggest misconceptions or barriers you faced while building trust in a traditional industry as young founders?
US: One of the biggest barriers we faced was the perception around age and experience. Business insurance is a deeply traditional industry. Many clients initially questioned whether young founders could truly understand the complexities of risk management, especially for large businesses. There’s this misconception that unless you’ve spent decades in the industry, you can't offer valuable advice.

But we turned that into an advantage. We weren’t bound by outdated practices. We brought fresh thinking, deep research, and a problem-solving approach that was unbiased. Instead of just selling products, we focused on educating clients, explaining risks in simple terms, and structuring coverage based on actual business needs, not commissions. Our core today remains our advisory and customized business insurance solutions.

ET: Qian is positioned as a long-term risk partner rather than just a broker. What does that advisory-first approach look like in practice?
US: At Qian, our focus from the beginning has been to position ourselves as a long-term risk partner and not just as any other insurance broker. We have adapted the advisory-first approach, shifting our focus from just selling insurance policies. We start by assessing the business operations, risks, future plans, and past claims history. We don’t rush to quote policies. Instead, we map out their risk exposures, identify gaps in their existing coverage, and even uncover risks they may not have considered.

From there, we custom-structure solutions; whether it’s through insurance or alternative risk strategies. Sometimes, the best advice is not to buy more insurance, but to optimize existing coverage or improve internal risk controls.

We’re also involved beyond just the policy purchase and we help clients with claims, renewals, and even contract negotiations to ensure their risks remain covered as their business evolves. Many brokers disappear after the policy is sold; we stay through the entire cycle.

ET: What sets Qian apart when it comes to claims handling, which is often where most client dissatisfaction arises in insurance?
US: Business insurance claims are often where most frustrations arise, not because insurers don't want to pay, but because the process is complex, technical, and stacked with fine print. At Qian, we recognized early on that claims are the real test of any insurance relationship.

What truly sets us apart is that we, as the CEO and co-founders, are personally involved in the claims process. Yes, we have a dedicated team that handles the day-to-day documentation and coordination, but we carefully oversee every major claim ourselves.

We believe that claims aren’t just a service function and they’re a critical moment where trust is either built or broken. That’s why we actively engage with clients during claims, review the case strategy, and even step in to negotiate with insurers when needed.

ET: With over 30 specialized insurance products, how do you decide which offerings to focus on for different clients and industries?
US: We start by understanding our client's industry, business model and the specific operational risks. Every industry has its own unique exposures, and we understand the risks and the challenges involved. What matters to a tech startup is very different from what a manufacturing company needs.

For example, a logistics company may need strong coverage for transit risks, while an IT business will prioritize cyber liability. We then map out the risks attached and what could possibly cause financial or operational disruption to the company. Our focus is on solutions that directly address these scenarios. In many cases, we advise clients to start with essential coverages first—then gradually build a broader risk program as their business evolves. It’s not about selling every product; it’s about protecting what matters most at that stage of their growth.

ET: Which insurance categories are seeing the most growth or urgency in demand from Indian enterprises today?
US: Today, Indian enterprises are increasingly moving beyond traditional insurance products and are interested in seeking specialised, risk-aligned solutions that ensure their business is covered against growing complexity. We have witnessed a heavy demand across four critical insurances-trade credit insurance that safeguards cash flows, surety bonds and contractor’s all risk insurance for the infrastructure sector and cyber insurance to protect against digital threats. This shift signals a clear demand as people are no longer seeing it just as a cost, but as an enabler for business continuity, financial stability, and long-term resilience.

ET: Cyber insurance and D&O liability aren’t traditional lines for SMEs. Are Indian businesses becoming more risk-aware in these emerging areas?
US: Yes, we’re definitely seeing a shift. Traditionally, products like cyber insurance and Directors & Officers (D&O) liability were seen as relevant only for large corporations or listed companies. But that’s changing—Indian SMEs and startups are becoming far more risk-aware in these areas.

For cyber insurance, the trigger has been clear, the rise in cyberattacks, ransomware incidents, and regulatory pressure. Many SMEs now rely on digital tools, cloud systems, and online transactions, making them vulnerable. What’s also driving adoption is that many clients and partners now demand proof of cyber coverage before signing contracts, especially in industries like tech, logistics, and financial services.

D&O Liability Insurance has also gained momentum, especially among startups and growing businesses. Investors, particularly in the venture capital ecosystem, are making D&O coverage a pre-condition for funding. Beyond that, founders and directors themselves are realizing that personal liability risks, whether from lawsuits, regulatory issues, or shareholder actions—are very real.

At Qian, we’re seeing more first-time buyers asking for these covers, not because they’re “mandatory,” but because they now see them as strategic safeguards. Our role is to simplify these complex products, explain the real risks involved, and help clients decide what’s essential at their stage of growth.

ET: How do you see the Indian insurance market evolving—especially for B2B and mid-market clients—over the next five years?
US: The Indian B2B insurance landscape is poised for a fundamental shift over the next five years, driven by increasing risk awareness, digitalisation, and the evolving needs of mid-market businesses.

One of the most notable developments is the rapid rise of cyber insurance. As companies become more digitally interconnected, the surge in ransomware, data breaches, and regulatory scrutiny is compelling even traditional mid-sized firms to look beyond basic liability policies.

Another emerging focus area is surety bonds, particularly with the government’s push to replace bank guarantees in infrastructure contracts. With the IRDAI now opening up this segment, insurers are looking to scale up surety products for contractors and developers—unlocking liquidity and reducing dependence on banks. This shift could significantly alter risk transfer mechanisms in public projects.

We’re also witnessing an uptick in engineering and project insurance, especially as India’s capex cycle revives across sectors like power, roads, and renewables. Mid-sized contractors and EPC firms are becoming more proactive in ensuring delay in start-up (DSU), advance loss of profit (ALOP), and project liability risks.

Similarly, trade credit insurance is gaining traction as mid-market exporters and B2B suppliers seek protection against payment defaults—especially in uncertain global conditions.

Overall, the next five years will mark a shift from passive to proactive risk management.

ET: What were your revenue numbers last fiscal and what is your target for this year?
US: Last fiscal, we closed with a premium of Rs 6.5 crore and this year, we’re targeting Rs 15 crore. We’re growing slow but steady, focusing on sustainable relationships, not just topline numbers. Of course, we’re seeing players in the market operating at 0% cost or deep-discounted commissions. But we believe that long-term value lies in expertise, consistency, and advisory-led engagement, not undercutting. Our focus remains clear: to build a resilient, service-first insurance advisory for mid-market and B2B clients.

ET: What’s next for Qian in terms of expansion—new geographies, digital tools, or new sectors?
US: At Qian, our next phase is focused on strategic depth and regional reach. We’re actively expanding in tier II and tier III cities, where there’s growing demand for commercial insurance but a clear lack of structured advisory. These markets are underserved, and we see significant potential to support mid-sized businesses with informed, relationship-driven brokerage, especially in sectors like manufacturing, distribution, and infrastructure.

We’re also keen on bringing parametric insurance solutions to clients in climate-sensitive sectors like agri and renewable energy. Additionally, we’re building capabilities in the reinsurance placement space.