The students of MDAE had a wonderful opportunity to learn about the insurance sector from Mr. Amit Malik, Chief Executive Officer & Managing Director at Aviva Life Insurance.
According to Mr. Malik insurance is a must-have product for all. The need for it comes from the realization of responsibility. But there’s a huge time gap between this realization and actually buying the product. Sometimes it takes years for people to take action. As a blessing in disguise, the Covid-19 pandemic has generated awareness for life protection products like insurance after we lost our dear ones.
India still needs to increase financial literacy, awareness about insurance and increase market penetration in the Bharat that lives within India. He thinks that this gap can be bridged through positive steps by companies. Some of these steps are to make simple products, build trust, and hyper-personalization - be open to different needs and differentiate the product accordingly.
He also threw light on some of the challenges faced by the insurance industry. Technology disruptions like Analytics, Big Data, AI have had a huge impact on the industry. Also, for example, if gene technology creates a human fetus with predictable features and life span, that person when old enough might say that they don’t need insurance because they already know what threats they have to their life.
And yet from a career perspective, this industry is a great option. Not only because it is growing at a rate of 10-14% per year but also it has a great potential in the coming future because of penetration of growth. We are at the break of the digital revolution, there is the availability of entrepreneurship opportunities, research analyst jobs and the need for good talent. Most importantly it gives you a chance to make a positive impact on people’s lives!
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