• Apart from low insurance penetration and profitability, what are the main challenges for the general insurance industry.

Currently, every insurance firm is looking to use and incorporate technology into their strategy for business expansion. With the goal of increasing efficiency and automating all business operations, including customer-facing, underwriting, and claims procedures, artificial intelligence and blockchain are currently being used more frequently in insurance business processes. Insurtech was spawned because of this. Traditional insurers are still having trouble integrating modern technologies effectively due to legacy issues. 

• Bima Sugam is likely to change how the insurance would be bought and sold. What is your view about its impact on the general insurance industry?

Bima Sugam has the potential to revolutionize the general insurance industry in India. It is likely to bring greater transparency and efficiency to the process of buying and selling insurance policies. This could lead to lower premiums due to increased competition, as well as improved customer service and better access to insurance coverage for customers. Additionally, the platform could provide enhanced data insights and analytics for insurers, allowing them to tailor their products and services to better meet customer needs. Ultimately, Bima Sugam could help create a more vibrant and competitive insurance market in India.

• Is the target of insurance for all by 2047 realistic?

India's insurance sector has undergone a huge transformation in the last few years, with the introduction of new products, increased innovation, and the growth of digital technology. This has allowed the sector to grow and reach out to more people. With the plethora of reforms for ease of business by Government of India and with remarkable initiatives by IRDAI to redefine the overall insurance business in India, it is exciting to be part of the journey of insuring the whole of India by 2047.

• You are the first women CMD of the largest insurance company in India.  What is your message to women looking for a career in insurance.

Insurance is a highly competitive field, but it also offers a lot of opportunities for growth and success to women. With their sense of fair play, sensitivity, empathy and ability to multi-task, women have the potential to bring a unique perspective to the insurance sector. We need to be confident and assertive of our abilities and not be disheartened by setbacks. I encourage all women to use their knowledge and skills to make a difference in this sector. With hard work and dedication, we can make a successful career in insurance sector which is undergoing many exciting changes. 

• What is the future of underwriting and claims in view of digitalization and increasing use of technology. Are the Data Analysts going to be future underwriters.

The future of underwriting and claims is most likely to be heavily influenced by digitalization and the increasing use of technology. Automation, Artificial Intelligence, and data analytics are likely to play an increasingly important role in both underwriting and claims handling. As a result, data analysts are likely to become increasingly important in both underwriting and claims handling. Data analysts will be able to help insurers better understand the risks associated with their customers, as well as to help them identify and monitor fraud, assess claims more accurately, and automate many of the manual processes currently used. In addition, data analytics can be used to help insurers better understand customer behaviour and develop more personalized products, as well as to help identify and target new customers. As such, data analysts are likely to be an important part of the future of underwriting and claims.

• How important is the issue of sustainability in insurance. Is Indian market serious about the Climate risk and environmental issues.

The issue of sustainability in insurance is becoming increasingly important as the global climate crisis continues to affect people and businesses around the world. Insurance companies are increasingly recognizing the need to develop a more sustainable approach to their operations and to ensure that they account climate risks and environmental issues in their decision-making. In India, the insurance industry is taking steps to address climate change and environmental issues. The Insurance Regulatory and Development Authority of India has issued guidelines for insurers on environmental, social, and governance (ESG) risks, and many insurers are beginning to integrate ESG into their products and operations. In addition, the Indian government has launched several initiatives to promote green finance and support the development of sustainable and climate resilient infrastructure. As the awareness of climate and environmental risks increases, the Indian insurance industry is likely to continue to focus on sustainability in the years ahead.

• Does your daunting work schedule of running the largest company in India give you time for pursuing your other interests or hobbies. Please let us know how you spend your free time.

Yes, I make sure to create time for myself to pursue my interests and spend time with my family. I like reading, long walks and spending time with family & friends travelling & exploring new places. I try to stay active and make the most of every moment.