R.M Vishaka - Against All Odds

After Steering Her Firm To Profitability, Vishakha Wants To Revolutionise The Insurance SpaceBy Focussing On The Retail And Micro Segments.

- Jui Mukherjee

IN THE EARLY 1980S, when shampoos in sachets debuted in India at a ‘princely sum’ of 1, no one knew the revolution it would spark. After more than three decades, small still sells and how. From cold drinks in 200 ml packs to phone recharges in denominations of 10, the success of bite-sized products and services has been one of the biggest learnings in product positioning in India.

R.M. Vishakha, IndiaFirst Life Insurance MD and CEO, wants to do the same with insurance—in other words, market “insurance in a sachet”. She wants to make insurance policies as easily and readily available to the masses as shampoo sachets. “It is my long-held desire to make ‘insurance in a sachet’ possible… I want to do with insurance what FMCG companies have done with the market,” she says, flashing a confident smile. She adds that if she manages to take insurance retail to that level, it would be a landmark moment.

Her vision is ambitious. According to the 2018 Economic Survey, India’s insurance penetration stood at just 3.49% in 2016-17, only marginally up from 2.71% back in 2001. But she is determined to take insurance to the common man in every corner of the country. Given the 48-year-old’s track record with IndiaFirst, it seems she is wellequipped to take significant steps towards that goal if not achieve it altogether during her term. In the three years she has been at the helm, IndiaFirst has grown from strength to strength. The company’s individual new business growth rate was 43% and persistency, or policy retention, was 76% in March.