Khristy Hitesh: Redefining Versatility
Khristy Hitesh is a creative soul who comes from a Social Work background. After completing his Postgraduation in Social Work from the MS University of Baroda, Hitesh got himself involved in the Insurance & Reinsurance sector. He became a reinsurance broker & also investor in a General Insurance Company in far east. The business has enabled him to travel to more than 60 countries and live in seven. After having seen and experienced the business operations of both sides of the developed as well as the under developed world, Khristy eventually set up his Reinsurance Broking company, the Reinsurance Café Labuan in Malaysia, Labuan.Apart from his business credentials, Khristy Hitesh has been a rigorous reader of books since his early college days and also a published author with a book 'Welfare Insurance'. Nowadays, Hitesh is also utilizing his creative spark to produce and direct Hindi cinemas, with the intention to roll out films that delivers a solid message which is not familiar to the world, which is often unspoken or brushed under the carpet. At the moment, Khristy Hitesh is involved in the shooting of a patriotic movie called 'Sector Balakot'. The film talks about the economics of terrorism and business abroad an intellectual movie presented in a very commercialized and easy going manner
Hitesh has also signed the famous Sri Lankan cricketer SanathJaysurya for making his Bio-Pic film, to be launched in Hollywood.
For this latest edition of the CEO Insights Magazine, the editorial team got an opportunity to get in touch with one of the most versatile Indian business leaders out there, successfully thriving a Reinsurance Broking company in Malaysia, Labuan. The following is an insightful excerpt from the conversation held with Khristy, CEO, Reinsurance Cafe Labuan.
Tell us about the journey so far at Reinsurance Café Labuan. What are some of the opportunities that you see emerging in the Malaysian business landscape?
Malaysia is a very business friendly nation with excellent infrastructure
and fantastic food. The country is indeed wonderful. We went to Malaysia, Labuan, to set up our reinsurance business as Malaysia's regulators and government are extremely supportive. They promote business in Malaysia a lot. We have a couple of outstanding insurance managers, lawyers, and Chartered Accountants with us. It has helped us do business very smoothly and successfully since our establishment in 2017.
All my efforts and hard work in my profes sional journey so far, travelling across 65 countries, have been made fruitful here in Malaysia.The journey has been brilliant so far as during the first year itself, I ended up with nearly nine times more than what I projected. I have a lot of reasons to praise Malaysia.
What do you think would be your mantra going deeper into the competition and combating other legacy Insurance organizations in the Malaysian market?
I would not limit our selves to the Malaysian market because my business has an international reach. Having said that, what I have learned over a period of time, something which I repeatedly tell to my team mates working across the offices of India as well as the Asia Pacific regions is never to do anything wrong in business. It will hurt you after ten years, or it will definately come back to you after 20 years. Sometimes when you are honest, you will lose business, but you will not lose reputation. The reputation of not doing anything wrong is much greater than any amount of business. I believe that helps one to grow their business faster and louder.
Would you mind telling us about the process and methods you follow to develop effective insurance consulting with an example where you were able to help the client immensely?
Back in 2018, we had a client from the Far East. They had an asset size of around $3 million, paying a $7 million premium. Continuously on a year-on-year basis, my clients were suffering losses. They had big insurance claims. When I took it up in 2018 in my hands, they already had a $17 million claim. Now, these
Reinsurance is all about designing or how one struc tures their reinsurance
All my efforts and hard work in my profes sional journey so far, travelling across 65 countries, have been made fruitful here in Malaysia.The journey has been brilliant so far as during the first year itself, I ended up with nearly nine times more than what I projected. I have a lot of reasons to praise Malaysia.
What do you think would be your mantra going deeper into the competition and combating other legacy Insurance organizations in the Malaysian market?
I would not limit our selves to the Malaysian market because my business has an international reach. Having said that, what I have learned over a period of time, something which I repeatedly tell to my team mates working across the offices of India as well as the Asia Pacific regions is never to do anything wrong in business. It will hurt you after ten years, or it will definately come back to you after 20 years. Sometimes when you are honest, you will lose business, but you will not lose reputation. The reputation of not doing anything wrong is much greater than any amount of business. I believe that helps one to grow their business faster and louder.
Would you mind telling us about the process and methods you follow to develop effective insurance consulting with an example where you were able to help the client immensely?
Back in 2018, we had a client from the Far East. They had an asset size of around $3 million, paying a $7 million premium. Continuously on a year-on-year basis, my clients were suffering losses. They had big insurance claims. When I took it up in 2018 in my hands, they already had a $17 million claim. Now, these
kinds of policies are tough to deal with in the reinsurance market.
Practically all companies declined to pay them insurance, or they would have ended up paying 12-15 million premiums, depending on the insurance companies.
When they approached me, I understood the issues I spoke to my team, management, and board of Directors. We gave them insurance with 4 million premiums, which was impossible. Three of the world's top brokers had tried their hands on these policies, and they could not place it in the insurance market. We at Reinsurance Cafe, on the other hand, gave the client a $3 million discount. Reinsurance is all about designing or how one structures their reinsurance. How one breaks, divides ,structures and layers the premiums is extremely important, and this is where we work the best. This is what helps us in driving our business forward.
In your journey so far, which are the mile stones that bestowed you with utmost satisfaction both as an individual and a CEO?
Opening my reinsurance broking company in Malaysia was a big turning point. A lot of success came to us when we went and invested our time and energy in Malaysia. Secondly, as I was a rigorous reader and a traveller, venturing into the movie business as a producer and a Director is another milestone for me on a personal level.
What will be your advice for other international business leaders who aspire to shift their area of operation to Malaysia?
I would say evaluate well. Understand Malaysia. Once you have understood the opportunities in the Malaysian market, then close your eyes and come to Malaysia. Malaysia is the place to invest right now.
Khristy Hitesh, CEO, Reinsurance Café Labuan
Apart from his business credentials, Khristy has been a rigorous reader of books since his early college days and also a published author with a book 'Welfare Insurance'. Nowadays, Khristy is also utilizing his creative spark to produce and direct Hindi cinemas, with the intention to roll out films that delivers a solid message which is not familiar to the world, which is often un-spoken or brushed under the carpet. At the moment, Khristy is involved in the shooting of a patriotic movie called 'Sector Balakot'. The film talks about the economics of terrorism and business abroad. An intellectual movie presented in a very commercialized and easy going manner, Khristy has also signed the famous Sri Lankan cricketer Sanath Jaysurya for making his Bio-Pic film to belaunched in Hollywood.
Practically all companies declined to pay them insurance, or they would have ended up paying 12-15 million premiums, depending on the insurance companies.
When they approached me, I understood the issues I spoke to my team, management, and board of Directors. We gave them insurance with 4 million premiums, which was impossible. Three of the world's top brokers had tried their hands on these policies, and they could not place it in the insurance market. We at Reinsurance Cafe, on the other hand, gave the client a $3 million discount. Reinsurance is all about designing or how one structures their reinsurance. How one breaks, divides ,structures and layers the premiums is extremely important, and this is where we work the best. This is what helps us in driving our business forward.
In your journey so far, which are the mile stones that bestowed you with utmost satisfaction both as an individual and a CEO?
Opening my reinsurance broking company in Malaysia was a big turning point. A lot of success came to us when we went and invested our time and energy in Malaysia. Secondly, as I was a rigorous reader and a traveller, venturing into the movie business as a producer and a Director is another milestone for me on a personal level.
What will be your advice for other international business leaders who aspire to shift their area of operation to Malaysia?
I would say evaluate well. Understand Malaysia. Once you have understood the opportunities in the Malaysian market, then close your eyes and come to Malaysia. Malaysia is the place to invest right now.
Khristy Hitesh, CEO, Reinsurance Café Labuan
Apart from his business credentials, Khristy has been a rigorous reader of books since his early college days and also a published author with a book 'Welfare Insurance'. Nowadays, Khristy is also utilizing his creative spark to produce and direct Hindi cinemas, with the intention to roll out films that delivers a solid message which is not familiar to the world, which is often un-spoken or brushed under the carpet. At the moment, Khristy is involved in the shooting of a patriotic movie called 'Sector Balakot'. The film talks about the economics of terrorism and business abroad. An intellectual movie presented in a very commercialized and easy going manner, Khristy has also signed the famous Sri Lankan cricketer Sanath Jaysurya for making his Bio-Pic film to belaunched in Hollywood.