‘Right now, people are not very enthusiastic about savings’
Also, people’s needs and requirements are changing, at some point they wanted unit-linked plans and currently they are staying away from Ulips, so we have to work accordingly.
How do you think things will improve after the new guidelines come up on the issues that were highlighted by the finance ministry in October?
Product approvals are currently taking a lot of time as the process is quite interactive with several layers of approval. So once the use-and-file process is launched, the product approval process should get streamlined.
Another key area is Open Architecture Bancassurance which is long overdue and IRDA is working on it. Some agreement has been reached between government and IRDA and hopefully something workable comes out of it.
We have requested to see that banks open to at least four insurance companies of the same class, if not to all as a broker. Only then can a bank customer get a real choice in insurance products.
Does your foreign partner get worried about things not moving currently in India?
Nippon is 120 years old and have seen two world wars, they will not get unduly concerned about short-term fluctuations. Our relationship is truly collaborative and we have a continuous flow of information from both sides. We learn about not just their best practices but also the mistakes they have done, their technology innovations, products, training process, customer service, etc and we try and implement them here by adapting them to
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