“Transformation” has become an overused word, and its definition has evolved over the years.
In essence, it will always be defined as a ‘genuine and meticulous effort’ that companies undertake to realise their full potential.
Amidst the challenges of inflationary pressures, supply chain issues, and increasing geopolitical conflicts, insurance CEOs in India are resetting their priorities and reframing their strategy with transformation and customer focus increasingly driving the future agenda.
Here insurance CEOs share some of the core elements that remain essential to their transformation success.
Shanai Ghosh, MD & CEO, Edelweiss General Insurance Company Limited
“Transformation starts with a shift in the mindset and culture. It requires re-imagining, unlearning, and re-learning. It is extremely important to keep in touch with customers and emerging technologies.”
Anand Pejawar, Whole-Time Director, SBI General Insurance
“Transformation is constant. Customers, staff, and distributors make up its three main pillars. In the insurance industry, it’s crucial to facilitate and improve business efficiency. Transformation is all about simplifying complex procedures.”
Rakesh Jain, CEO, Reliance General Insurance
“In the last couple of years, developments have gone beyond the obvious. Stakeholders are transforming. The organisational structure of the company has developed to the point where the shareholder is now more accountable and important than before. CEOs will have to take the lead to drive this transformation.”
The above views were shared at the recently concluded ET Edge Insights presents The Economic Times Insurance Summit & Awards.