Insurance Industry Must Prioritize Customer Engagement By Rakesh Jain

Published By: The New Indian Express​

Published Date: 28-06-2022

In an interview with The New Indian Express, Rakesh Jain, CEO of Reliance General Insurance, discussed better penetration of general insurance through customer engagement. While he highlighted the industry’s progress over the last two decades, he also emphasised that there are more opportunities to grow and expand.

When discussing the potential of the general insurance industry, he also mentioned that it is time to compare it with other developing countries and explore more avenues. He added that currently, this industry holds the potential to grow twice the country’s GDP or thrice if the conditions are exceptional.

Additionally, consumers in this industry are now identifying risks and investing more in insurance products. Insurance penetration has grown from 3.76% in FY20 to 4.20% in FY21. Stressing on ways to increase penetration, he gives valuable insights, such as taking more customer-driven approaches and driving more engagement.

He emphasised IRDAI’s role in helping bring more innovations through the regulatory sandbox and changing guidelines to allow insurance companies to test new strategies. Rakesh Jain explains how Reliance General Insurance aims to use technology to help customers more, such as using WhatsApp to sell policies.

He also mentions various types of awareness and discounts for different types of customers, such as rural and urban. There has been recent awareness of insurance requirements and risks, especially since the COVID-19 pandemic. He also mentioned that the team aims to expand the retail sector and bring more innovation.