IN AN EXCLUSIVE interview, T.C. Suseel Kumar, managing director of Life Insurance Corporation of India, talks about how the country’s largest life insurer navigated Covid-19, and how the pandemic brought a fundamental shift in people’s perception about insurance. Excerpts:
Q/Covid-19 led to a lot of disruption across businesses. Did LIC have to tweak plans because of the pandemic? What is your outlook for the next 12-18 months?
A/ The lockdown and the related restrictions, which had impacted the economic activities as a whole, had also cast a negative impact on the life insurance industry. With India unlocking gradually, we can see that demand resurgence is palpable in many sectors. Economic indicators allude to a steady recovery in almost all sectors, with some sectors shooting above their previous-year levels as well.
We have not scaled down our budgeted growth plan. Rather, we are optimistic about reaching them well in advance of the close of the financial year.
The pandemic has thrown light on the importance of life insurance and health insurance. With people across age groups being affected by the pandemic, they have begun to understand the importance of life insurance, and this may become an essential part of the new reality of our economy in the long term. Backed by rising income level, digitisation and the growing width of distribution channels, we expect the life insurance industry to grow at 10 to 12 per cent compounded annual growth rate in the next 12 to 18 months.
Q/ Data show that new life insurance premiums rose 32 per cent year-on-year in October. Among the various life insurance segments, where do you see strong growth?
هذه القصة مأخوذة من طبعة January 24, 2021 من THE WEEK.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة January 24, 2021 من THE WEEK.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
William Dalrymple goes further back
Indian readers have long known William Dalrymple as the chronicler nonpareil of India in the early years of the British raj. His latest book, The Golden Road, is a striking departure, since it takes him to a period from about the third century BC to the 12th-13th centuries CE.
The bleat from the street
What with all the apps delivering straight to one’s doorstep, the supermarkets, the food halls and even the occasional (super-expensive) pop-up thela (cart) offering the woke from field-to-fork option, the good old veggie-market/mandi has fallen off my regular beat.
Courage and conviction
Justice A.M. Ahmadi's biography by his granddaughter brings out behind-the-scenes tension in the Supreme Court as it dealt with the Babri Masjid demolition case
EPIC ENTERPRISE
Gowri Ramnarayan's translation of Ponniyin Selvan brings a fresh perspective to her grandfather's magnum opus
Upgrade your jeans
If you don’t live in the top four-five northern states of India, winter means little else than a pair of jeans. I live in Mumbai, where only mad people wear jeans throughout the year. High temperatures and extreme levels of humidity ensure we go to work in mulmul salwars, cotton pants, or, if you are lucky like me, wear shorts every day.
Garden by the sea
When Kozhikode beach became a fertile ground for ideas with Manorama Hortus
RECRUITERS SPEAK
Industry requirements and selection criteria of management graduates
MORAL COMPASS
The need to infuse ethics into India's MBA landscape
B-SCHOOLS SHOULD UNDERSTAND THAT INDIAN ECONOMY IS GOING TO WITNESS A TREMENDOUS GROWTH
INTERVIEW - Prof DEBASHIS CHATTERJEE, director, Indian Institute of Management, Kozhikode
COURSE CORRECTION
India's best b-schools are navigating tumultuous times. Hurdles include lower salaries offered to their graduates and students misusing AI
