Planning for COVID-19 lockdown worked well for us: Future Generali India CEO

Future Generali India Insurance saw a 33.8 percent year-on-year (YoY) increase in gross direct premium in FY20 against a 9.5 percent growth for the general insurance industry, excluding health and specialist insurers.

Talking to Moneycontrol, Anup Rau, MD & CEO of Future Generali India Insurance, said that the private insurer had seen lower disruption due to the coronavirus-induced lockdown because it was ready for it.

“The nationwide lockdown was announced from March 25. However, on March 12 we had triggered a business continuity plan and started offering remote working, looking at how the scenario was panning out in Mumbai. Employees could move their office assets and laptops on time. Hence, we were better off when the lockdown was declared,” Rau added.

The general insurer collected gross direct premium of Rs 3,417.07 crore in FY20. In the present financial year, too, growth rates were positive, he said. There was a 12 percent growth in premium in April-May of FY21 compared to the year-ago period. By June, the company would get closer to the previous numbers in its retail business, Rau said.

In FY20, the insurer had posted gross direct premium of Rs 428.82 crore in the April-May period. Rau said that there has been a rise in demand for health insurance plans due to the coronavirus outbreak. The company had launched a COVID-19 insurance cover and was selling it through Future Retail stores.

“Overall, we have also seen an increase in productivity among employees since they are not wasting time in travel. The medical underwriting has also moved to a telephone medium to enable quicker issuance of products,” he added. Unlike companies across the country that have resorted to layoffs and no hikes, Rau said that for the insurer, FY21 was like any other year as far as appraisals were concerned.

Bonuses, raises and promotions are on track and not a single employee has been asked to leave, Rau said.

Source: Money Control