Rahul Agarwal, the seasoned entrepreneur and insurance industry veteran, delivered a compelling keynote address at Xcelerate 2024 Kolkata, urging small and medium-sized enterprises (SMEs) to shed their fear of technology and embrace it as a catalyst for growth. Agarwal, known for his candid approach, didn’t mince words as he shared his journey from a “tech-challenged” individual to a business leader leveraging technology to drive exponential growth.

“I don’t understand technology,” Agarwal confessed, a statement that resonated with many in the audience. “But I understand my business, and that’s good enough.” Yet, this very admission served as a powerful counterpoint to his success story, emphasizing that a lack of technical expertise need not be a barrier to technological adoption.

Agarwal’s insurance broking firm, Ideal Insurance Brokers, is a testament to the transformative power of technology. Once a slow-growing company struggling to manage its operations, Ideal has evolved into a 500-crore behemoth with a presence in 50 cities. This remarkable turnaround is attributed largely to the company’s strategic embrace of technology.

“It took us 18 years to get here,” Agarwal pointed out. “And now we are talking about doing twice, thrice the business in two years. That is of course only and only possible with technology.” This ambitious target, backed by the company’s recent growth trajectory, underscores the critical role of technology in scaling up an SME.

Agarwal’s presentation delved into specific areas where technology has made a tangible impact on Ideal’s business. From streamlining operations to enhancing customer experience, technology has been a game-changer. “For example, as I said, we realized that for acquisition, even today, we think there’s nothing without a relationship. I agree to a great extent. For creating business, for building business, relationships are very important. But where technology can really help?” he asked rhetorically.

The answer, according to Agarwal, lies in leveraging technology to augment human capabilities rather than replacing them. “There is enough technology available in the market. If you go out, we can just adopt. Okay? We can see what best suits us. Right? Maybe customize it as per your requirement,” he suggested.

Agarwal emphasized the importance of adopting a pragmatic approach to technology. Instead of reinventing the wheel, SMEs should focus on identifying existing solutions that can be adapted to their specific needs. “We don’t need to innovate all the time,” he said. “There are enough vendors available, you know, who can create customized technologies as per you.”

One of the most striking aspects of Agarwal’s presentation was his unwavering optimism about the potential of technology to level the playing field for SMEs. He challenged the notion that only large corporations can benefit from technological advancements. “Don’t be scared of technology. Embrace technology. It is only going to improve our business, reduce our cost, increase our profit,” he declared.

Agarwal’s call to action resonated with the audience, many of whom expressed their determination to overcome their tech phobia and explore the possibilities offered by technology. By sharing his personal journey and practical insights, Agarwal has undoubtedly inspired a new generation of SME leaders to view technology as an enabler rather than a threat.

As the business landscape continues to evolve at an unprecedented pace, the ability to adapt to technological change will be a critical determinant of success for SMEs. Agarwal’s keynote address serves as a timely reminder that embracing technology is not just an option but a necessity for survival and growth.