Mrs. Sheetal Narendra Gandhi having enriched experience of 50 years in General Insurance Industry, has worked with Oriental Insurance Company for 34 years and with various insurance brokers in senior position in last 16 years.  She has been awarded *Lifetime Achievement Award* in the year 2018 by Insurance Alerts, India's largest Dedicated Insurance News Platform. She is also a visiting faculty member with many educational institutes.

Q.     Insurance companies are into stress how you think this will affect your business?

GENERAL INSURANCE COMPANIES ARE NOT IN MUCH STRESS BUT THE LIFE INSURERS ARE IN STRESS. THIS WILL BE TEMPORARY PHASE.

Q.     There is a lot of redemption pressure on life insurance companies, what is your experience?

REDEMPTION ARE MOSTLY FOR ENDOWMENT POLICIES. TERM POLICIES ARE DOING WELL AS THE PUBLIC IS PANIC AND THINK OF THE FAMILY SAFETY IN THIS EPIDEMIC ATMOSPHERE.

Q.     What kind of challenges have you faced in the last 5 months?

DUE TO FINANCIAL CRISIS MANY CLIENTS CHOOSE NOT TO RENEW THE POLICIES OR RENEWALS ARE TO BE KEPT ON HOLD. IT WAS A VERY TOUGH TIME TO CONVINCE THEM THAT DUE TO ECONOMICAL SITUATION AND UNEMPLOYMENT  THERE CAN BE THE INCREASING CHANCES OF THEFT AND BURGLARY. EVEN IF THE FACTORIES WERE NOT WORKING DURING LOCK DOWN THERE WAS A HUGE SILENT RISK. THE RENEWAL RATIO IN LAST 5 MONTHS WAS AROUND 50% IN GENERAL INSURANCE SECTOR FOR PROPERTY INSURANCE. THERE WAS RISE IN EB PORTFOLIO PARTICULARLY COVID POLICIES/GMC/GPA

Q.     What are the challenges you anticipate for the next 7 months?

THE BIGGEST CHALLENGE IS FINANCIAL SITUATION. PEOPLE DO NOT HAVE MONEY TO PAY THE PREMIUM WHETHER THEY ARE SMALL SHOPOWNERS/ BUSINESSMAN/COMMON MAN TO PROTECT THEIR PROPERTY. I AM REALLY WONDER THAT WHY TILL TODAY EITHER IRDA OR INSURANCE COMPANIES HAVE NOT COME OUT WITH THE OPTION OF INSTALLMENT PAYMENT FOR NON EB POLICIES. WHEN IN MAJORITY OF FINANCIAL SECTORS HAVE GRANTED SOME KIND OF RELIEF. MY STRONG BELIEF IS TO ALLOW ALL POLICY HOLDERS IN NON EB PORTFOLIO TO GIVE AN OPTION TO PAY QUARTERLY PREMIUM AND TO ABOLISH SHORT PERIOD PREMIUM CHART.

GST NEEDS TO BE ABOLISH FROM ALL PERSONAL INSURANCE LIKE MEDICLAIM, PA, HOUSE HOLDER, SHOPKEEPER,VEHICLES ETC.

Q.     Do you think online sales will take over traditional sales in the next 3 years? 1)     If Yes, Why? If No, Why?

THE REPLY IS LITTLE DICY. IT CAN BE NO 

NO THE REASONS ARE 1] ON ONLINE WE SALE NON TANGIBLE PRODUCT AND THERE IS A BIG LACUNA IN POST SALES SERVICES.

2] INSURED NEEDS THE SERVICE IN CLAIMS.

ONLINE IS THE BEST OPTION IN TODAY SITUATION BUT FOR THAT ALL THE ONLINE PLATFORM HOLDER MUST ENSURE THE ASSISTANT AT A TIME OF CLAIM OR FOR ANY ENDORSEMENT IN POLICY IS GIVEN WITH TOP PRIORITY. ON LINE PLATFORM IS FAVORED BY YOUNGSTERS.IN FACT TODAY AIR TICKET/TRAIN TICKETS ARE BOOKED ON ONLINE PLATFORM AND THEY ARE VERY SUCCESSFUL AS THERE IS NOT MUCH ROOM FOR  POST SALE SERVICES. THE ONLINE SALE PLATFORM LIKE AMAZON OR FLIP KART ETC ARE SUCCESSFUL AS THEY SALE TANGIBLE PRODUCT. 

YES AS THE FUTURE IS ON DIGITAL PLATFORM SO IF WE CAN PROVIDE BEST POST SALE SERVICES THEN THE FUTURE IS VERY BRIGHT.

PEOPLE SEATING ON CALL CENTER FOR POST SALES SERVICES SHOULD BE WELL VERSE WITH THE PRODUCT AND CLAIM ASSISTANT.

Q. Which product do you think will do well in the next 2 years and why?

INFRASTRUCTURE WILL BE FOCUSED ON PRIORITY BASIS BY GOVERNMENT OF INDIA HENCE ENGINEERING PRODUCT WILL DO WELL

DUE TO MORE USE OF  DIGITAL PLATFORM THERE ARE CHANCES OF CYBER CRIME SO CYBER CRIME POLICIES WILL BE IN DEMAND.

ALSO LIABILITY POLICIES WILL DO BETTER.

IN EB PORTFOLIO WC, MEDICLAIM, PA, GMC, GPA WILL DO BETTER.

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