Amit Malik, CEO, and MD, Aviva India, takes a cue from his father, an Armyman, to consider that he will not be a soldier, however it’s nonetheless a conflict when he’s main his staff, and his job is to help individuals of their most tough instances. Right here, he talks of helming Model Aviva India via the pandemic, how life insurance coverage as a class has advanced and his mission to develop monetary consciousness among the many plenty.
Amit Malik has management roles throughout organizations similar to Financial institution of America, Royal Financial institution of Scotland, American Categorical and GlaxoSmithKline Shopper Healthcare in geographies similar to India, Malaysia and Sri Lanka to his credit score. He took cost as CEO and MD, Aviva Life Insurance coverage Firm India Restricted, from January 1, 2021, having labored with the corporate in numerous roles since 2012. Listed below are excerpts from a dialog with him:
How has the life insurance coverage market modified put up the COVID-19 pandemic? What are some tactical selections that you just took at Aviva Life Insurance coverage to redefine your technique?
COVID-19 has had an influence throughout industries, together with the life insurance coverage business. In accordance with a examine in 2022, time period insurance coverage has seen a substantial improve in recognition within the final two years, with possession leaping to 43% from 39% in 2021. Different life insurance coverage insurance policies, like financial savings and market-linked plans, are additionally gaining recognition amongst city Indians, in accordance with the report. Because the lockdown restricted motion, we at Aviva took all needed steps to guarantee a seamless digital expertise for our clients. We’ve made certain that our workers have entry to the expertise they should present higher service to customers. We even supported the shoppers in turning into accustomed to digital strategies, protecting in thoughts that not all are tech-savvy.
How have you ever seen the advertising and marketing technique evolve for all times insurers? What are the important thing facets of your advertising and marketing technique, particularly with regard to vernacular attain and focused communication?
We’re extremely dedicated to our model goal, “With you right this moment for a greater tomorrow”. We purpose to ship our plans and guarantee glorious service to our clients. With time, we’ve got been repeatedly innovating our advertising and marketing methods. It entails relooking at a variety of processes to allow distant buyer outreach, fast adoption of digital means and educating our clients to do the identical, growing the frequency and nature of communication with our present clients. We give attention to focused communication. We make sure that the messaging reaches the client; this helps to scale back wasteful efforts and builds stronger model fairness.
Given the present financial perspective and uncertainty, how do you assess the buyer sentiment and demand in 2022 within the life insurance coverage section?
In 2022, it’s protected to say that individuals understand life insurance coverage as among the best risk-mitigation instruments, moderately than only a monetary saving instrument. The pandemic has bolstered clients’ belief in insurance coverage as a protected monetary product. Folks are actually keen to spend much less on disposable merchandise after the primary yr of the pandemic, and they’re largely renewing their well being and life insurance policy. In accordance with a examine, persons are centered on creating financial savings by placing apart half of their revenue to acquire monetary safety. The examine acknowledged 57% of the Indian inhabitants considers monetary immunity to be straight related to monetary safety and stability. Buyer preferences and behavior have modified considerably over the past year-and-a-half. People started to view insurance coverage as an important threat administration device moderately than simply one other funding.
As an business, are there conversations amongst main market individuals with regard to pointers and techniques for the area? What in accordance with you’re the large alternatives for Aviva and large challenges earlier than it?
The regulator Insurance coverage Regulatory and Growth Authority of India (IRDAI) has been prudent in bringing modifications that allow the expansion of the business and guarantee deeper penetration of life insurance coverage merchandise. As a non-public life insurance coverage firm, we purpose to proceed to work intently with the regulatory physique on the developments to deliver a change. From a possibility standpoint, expertise continues to be a key enabler to drive development. We purpose to make insurance coverage extra accessible and serve the unserved sectors of the inhabitants beneath the ambit of insurance coverage protection. Therefore, expertise will support in fixing low insurance coverage penetration difficulties. The most important problem for Aviva, for that matter the non-public life insurance coverage business, is the low penetration and lack of monetary consciousness amongst clients. With a literacy price of 80%, sadly, solely 27% of the inhabitants is financially literate.
Going ahead, what would be the high focus areas for Aviva Life Insurance coverage? What’s the projected development trajectory like and the way are you gearing up for sustainability for the long run?
Understanding the most important problem of Aviva, our high focus space is to inculcate monetary literacy amongst the plenty, make them perceive the nuances of life insurance coverage and its significance. In 2019, in accordance with a Nationwide Centre for Monetary Training survey, solely 27% of Indians had been financially literate. We purpose to see a spike within the figures via our product improvements and advertising and marketing strategy. On the sustainability entrance, we take our climatic dedication with utmost sincerity. In 2021, Aviva PLC had introduced demanding local weather objectives. Aside from this, Aviva has partnered up with WWF, the world’s main conservation group to take any motion on local weather change collaboratively to create a greater tomorrow for each individuals and the planet.
How do you describe your individual type of management? Did it’s important to change as a pacesetter to adapt to the brand new regular?
I’m somebody who religiously believes in ‘If not me, then who? If not now, then when?’. As a pacesetter, I purpose to create a constructive influence within the lives of individuals by supporting them of their most tough instances. My father, who was within the Military, as soon as stated, “Son, you will not be a soldier, however this can be a conflict. You could lead your staff. And do it in such a means that it’s proper, and so they come out of it higher and emerge victorious.” That’s my management mantra. I additionally admire the chance to nurture the subsequent technology of leaders, who will outline the long run course of enterprise and society.
With the outbreak of the pandemic, I made certain to be there and help all my workers. Coincidentally, that was the time I acquired promoted to CEO. I’ve all the time been a individuals’s particular person, so it was tough for me to adapt to distant working. Nevertheless, I made certain to maintain the group motivated and regular. From bodily working within the workplace to distant working has been the most important lesson for me as a pacesetter. The brand new regular isn’t any extra ‘new’. It’s now the truth, and it’ll proceed to evolve.
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Printed on: Monday, March 21, 2022, 07:59 AM IST