By our reporter
TORONTO: As a civil engineer, Pankaj Arora built great bridges in India.
As a financial professional, he has built a great insurance business in Canada.
Indeed, his MILIFE: Insurance and Investment Inc, based in Mississauga, is one of the top South Asian-owned insurance brokerages in business.
“We are one of the top insurance agencies in Ontario. With over 400 agents, we are also one of the fastest growing MGAs. Headquartered here in Mississauga, we run various sub-offices across Ontario,” says Pankaj Arora during a chat in his sleek office at 1185 Queensway East in Mississauga.
The top provider of disability insurance to truckers in Ontario, MILIFE also operates in four other Canadian provinces.
“Apart from Ontario, we also have presence in four other provinces – British Columbia, Alberta, Manitoba and Nova Scotia. We’re making our mark in those territories,” adds Pankaj.
Highlighting the year-over-year growth trajectory of his company, Pankaj says he is hopeful to double his business very soon.
“We are on the highway to post major growth and double our business volume and the number of salespeople in the next three-four years,” he says confidently.
His confidence stems from his growth record and his great team.
“We have forged this big business because I was lucky to get dedicated people on board from the very beginning. That no agent has ever left us speaks volumes about the kind of company we have built,” he beams.
In the process of building his business, Pankaj says he has taken extra care to ensure that his company is more diverse than the competition.
“Our agents come from almost two dozen ethnic backgrounds and we speak as many languages. We intend to keep building on our diversity,” he says.
Born in Kot Kapura in Punjab, Pankaj had carved out a great career for himself in construction after earning his civil engineering degree from Giani Zail Singh Campus College of Engineering & Technology in Bathinda when Canada called.
“After earning my degree, I joined a top construction company. As their project manager, I built four bridges, including Bathinda’s biggest bridge, in Punjab. Then they assigned me to Chhattisgarh for their bridge projects. I was young and I was doing very well.”
When he was doing fine in India , why did Pankaj move to Canada?
He says it was more of his father’s idea that his son should settle in Canada.
“Most of my father’s friends came to Canada in the late 1960s and 70s. But my father couldn’t come to this country for some family reasons. So he wanted to see his son settled in Canada,” says Pankaj with a smile.
“Without my knowledge, my father sent my immigration application. I came to know about it later,” he adds.
He says it took a bit longer for his PR to come through because of the delays and backlogs created by 9/11.
“I was just married when we landed in this country on March 28, 2005.”
Though Pankaj fulfilled his father’s dream when he landed in Toronto, his own problems were just to begin.
He says he did odd jobs, including one at Winners, to survive as he weighed his options – whether to pursue a career in civil engineering or not.
“I thought long and hard, but it would have taken me 5-6 years and lots of money to restart my civil engineering career in Canada,” he says.
So he abandoned the idea of becoming a civil engineer.
“Instead, I decided to become an insurance agent which was a lot easier. I passed my LLQP exam in 2006, got my insurance licence and started as an independent agent.”
He says he then met Pavan Chowdry and the two decided to start their own insurance agency – MILIFE – in 2008. “We’re sorry to lose Pavan last. He and I built this company together and where we are today is thanks to our joint efforts. If I am the body of the company, he was the soul of it.”
How did they choose the name MILIFE?
“Actually, we were first looking for an office somewhere in Mississauga which would be central to our agents from all ethnic groups and communities. The idea for the name of our company came from MiWay – the short name for Mississauga Transit,” laughs Pankaj.
From day one, MILIFE has posted steep growth.
According to Pankaj, the secret of his success is being different and innovative.
“How are we different from the competition?” he asks himself before proceeding to explain it.
“Nearly 99.90 percent of brokers who run agencies are also sellers. But I don’t sell. This leaves me with a lot of time to plan training for my agents. We have put in place a very solid support system for our agents.”
Moreover, MILIFE is a rare brokerage where every agent has his or her own website.
“We have created an IT department so that every agent has his/her own website. And we help them with social media content.This helps them in promoting themselves. That’s why our agents never leave us,” claims Pankaj.
Another major reason for the success of MILIFE is Pankaj’s innovative instinct that he has brought to bear on his business to reap huge dividends.
“I am an innovative person because of my civil engineering background and I have introduced very big innovative ideas in my insurance business,” he says.
One such big innovative idea of his related to self-employed people – truckers, realtors, lawyers, etc.
“One day I thought I must create something for these self-employed people. I went to an insurance company and got that plan designed and approved by them. There were some issues related to underwriting and we sorted them out,” he says.
Pankaj’s innovative instinct kicked in and he came up with the idea of creating a structure for these self-employed people so that underwriting was never a problem.
So MILIFE got them plans which they could never have dreamt of as self-employed individuals.
“What we have done is a game-changer for these self-employed individuals, my agents and the insurance company. It is one of a kind in the insurance business. With just one idea, I have found a solution to the problem of thousands of self-employed people,” gushes Pankaj.
Not surprisingly, MILIFE today tops in trucking disability insurance in Ontario.
Pankaj says he is in the process of addressing the same problem facing self-employed individuals in other professions.
And he talks about the importance of his sharp-shooter agents and how MILIFE hones their skills to keep them ahead of the competition in the crowded market.
“How an agent positions himself in the market is very important. From licensing support to training programmes to continuous advanced training to networking, we provide them the best possible help. I am in office all the time for them,” he elaborates.
For the best performers at MILIFE, there is an Advisor Rewards Programme.
“And our Diamond Club of top performers organizes global trips for these champion agents,” reveals Pankaj.
Mid-way through our conversation, he sums up his three things that have helped him take his business to the top.
Explaining the three principles, he says, “First, vision is very important in life. I had a vision to create an insurance agency. But I needed brilliant people to realize this vision. That’s why we provide quality training to our agents so that their thought process is different and they stay ahead of the competition. Without vision and our great team, there would have been no MILIFE.”
After a pause, he adds, “After vision, the second important thing is innovation that can set you apart from the competition. I have introduced new innovative ideas and the results are there for all to see.
“And the third thing that has helped me is that MILIFE is here for the best of our agents and clients.”
Expanding on the third point, he says his business philosophy is very simple and straight. “I have been guided by the philosophy that I must run a top insurance agency where the satisfaction of our clients comes first. Money is a secondary thing for us.”
So, has he been lucky?
“I guess our success has a lot to do with hard work. It didn’t happen overnight as It took us 18 long years to reach where we are today. I have been blessed to have good people with me. They trust me and that’s why we are at the top.”
How does this busy man relax amid his hectic business life?
“I play and watch sports. Sports are my hobby as I represented a state university in badminton. I watch lots of movies and serials.”
What if he had stayed back in India?
“I think I would have become a bridge contractor. In fact, when I was posted in Chhattisgarh, I started harbouring the thought of becoming my own man,” he says.
Any regrets?
“No, God has been kind to me.”
Anything he misses in life?
“Nothing at all. God has given me everything and I am thankful for that.”
What is the source of his daily inspiration?
“I seek inspiration from my people who work with me. We have built this business together.”
Pankaj admits that he wouldn’t have gone far in life if he hadn’t been supported wholeheartedly by his wife.
“She is very supportive. We have a daughter who is in the tenth standard. And we are thankful for what we have achieved.”
Indeed, Pankaj already has achieved much more than what his father would have dreamt of when he sent his son to Canada.
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