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On the digitization front, I think the success is better. But because you are talking about more than 130-crore people in India, you know a change won’t take place suddenly. I’m already seeing that it is getting diluted and it is a bit of a lost opportunity. To some extent, the coronavirus insurance demand came as a spurt but it didn’t perpetuate. Life is just unpredictable, anything can happen to anybody at any point of time and the needs remain the same. I would have loved it if people understood the real importance of life insurance, because it’s not just for the coronavirus pandemic. So, while people understood and they feared for their lives and financial protection, the entire mindset changed very quickly. It is ironic that the number of cases now are the maximum, but the fear factor has gone down significantly resulting in search queries declining. During the time, we found that the search query for life insurance, especially Google Search queries, saw a significant increase upward of 50% on term plans. When the coronavirus hit us, for the first couple of months mainly April and May, the numbers of deaths were not very high, but because of the lockdown the fear factor was the highest. The opportunity was in two aspects: awareness and digitalization. I wouldn’t say the opportunity is missed. Has the Indian life insurance industry missed the growth opportunity the coronavirus presented? The value that digitization gives is humongous, and it will move not just from the perspective of selling but by driving efficiency, analytics and ensuring your customer services are frictionless. The third one is digitization, and I think digitization became very real as the coronavirus pandemic struck. So I see a long path for the industry to continue to work harder to get inclusiveness.
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At the end of the day, life insurance is about peace of mind. The second shift is the penetration of life insurance it still has to go deeper. And, while the coronavirus pandemic is a forced-awareness campaign, it has created some level of awareness. While savings will remain-because Indians like to save and life insurance is seen as a very safe vehicle to do so-I think there’ll be movement toward selling more protection, health and retirement, because those are needs that are hugely under-penetrated right now. In the coming years, there will be a significant shift toward different forms of insurance.
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To date, there has been a very significant bias toward savings only this means the industry has not been able to leverage as much as it should have around protection, health and retirement. And the third part is around retirement planning: long-term annuities, immediate annuities. The life insurance industry also has a big mandate to drive protection-pure term, health-related riders such as critical illness, health and well-being among others. Life insurance in India works around different forms of savings, which means savings could be equity-linked, traditional savings, debt-oriented or a mixture. I have also seen insurance companies become more diverse in terms of channels of distribution, their product offerings and driving some bit of customer sentiment.įirst and foremost, if you look at the needs category, the insurance industry has a very big mandate. In the last 13 years at Max Life, I have seen some big trends emerge: A higher regulatory intervention to sort out structural issues in insurance and product reforms, such as moving away from unit-link plans to more traditional ones, include a few. How is the Indian insurance industry evolving? In a conversation with Forbes Advisor India, he spoke of why new sales shouldn’t determine how well a life insurance company is doing and the opportunities for life insurance that lie ahead for a country with 130-crore citizens. He is deeply passionate about people-centricity and customer-centricity and is a strong believer of “what we do every moment today influences our future.” Prior to his current role, Tripathy worked with Max Financial Services Ltd., the parent company of Max Life Insurance GE Genpact, and Tata Steel in multiple capacities in India and the UK. Almost 20 years since inception, Max Life Insurance ranks as India’s largest non-bank, private life insurance company and the fourth largest private life insurance company in terms of total market share. Max Life Insurance is a joint venture between parent company Max Life Financial Services and Japanese insurance major Mitsui Sumitomo Insurance. Prashant Tripathy is the Managing Director and Chief Executive Officer of Max Life Insurance Company Limited.Īn alumnus of the Indian Institute of Technology and the Indian Institute of Management, Tripathy has served in multiple roles across his last 13-year span at Max Life Insurance.