Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?

I am an alumnus of IIT Roorkee with over 35 years of professional experience, including 23 years in the life insurance industry. During this journey, I have held diverse roles across the field and corporate offices at Axis Max Life Insurance.

My primary area of experience is creating and growing successful distribution networks. I've worked with FLS onboarding and launch, agent recruitment, and activation for a long time. As a self-employed consultant, I collaborate directly with CXOs of top insurance and nonbank financial organizations in India to boost expansion and fortify distribution plans.

Q2. How would you describe the way the Indian life insurance market has grown in the last few years, and what kind of growth patterns do you see continuing?

The Indian life insurance market has witnessed strong double-digit growth, driven by the increased demand for insurance post-COVID, the rapid expansion of distribution networks in Tier 3 and Tier 4 cities, and the introduction of innovative products. This momentum is expected to continue, supported by IRDAI’s mission of “Insurance for All by 2047,” relaxed regulations for foreign investors, and the ongoing urbanisation of India.

Q3. Across different customer groups — urban salaried, self-employed, rural households, and younger demographics — which ones do you see contributing the most to growth, and how do their needs differ?

The primary drivers are self-employed individuals and urban incomes; the most important needs are a guaranteed monthly income after retirement and children's education.

Q4. When you think about the size of the underinsured population in India, how do you see insurers quantifying and targeting that opportunity?

The current life insurance penetration is about 2.8% of GDP and is expected to increase to nearly 6% over the next decade, supported by overall GDP growth.

Currently, only 15% of the population has some form of life insurance, including policies under PMJJY schemes distributed through banks.
The number of individual insurance buyers is projected to double within the next ten years.

Q5. How are younger, tech-savvy customers changing the way purchasing decisions are made in life insurance?

Customers who are younger and more tech-savvy no longer view agents as their first option. Rather, they favor fintech systems that offer clear comparisons and suggest the best choices. Before making a choice, they investigate several platforms and give more weight to features and risk coverage than merely IRR.

Q6. Which competitors in the market have been most effective in positioning themselves on pricing, customer service, or digital adoption?

HDFC leads the market, followed by Axis Max Life in metros. Birla Sun Life and Bajaj have a strong presence in Tier 2 cities, while Tata and SBI Life dominate Tier 3 markets.

Q7. If you were an investor looking at companies within the space, what critical question would you pose to their senior management?

I will focus on the proprietary channel's growth and its ability to recruit and activate new agents, which is critical for future expansion in greenfield markets. I would also like to review persistency rates at M12, M24, M36, and M60.

Additionally, I am keen to understand customer complaint patterns and the claims paid ratio.