A Fellow’s insight: Insurers play a key role in the transformation process

Could you give us a brief overview of what you do?

I've worked in the insurance sector in India for over four decades, and I'm a blogger and writer on a variety of subjects. My key interest at the minute is climate change. I also advise a couple of start-ups with regards to their respective unique propositions. Occasionally, I teach and speak at various forums, in multiple jurisdictions.

When did you qualify as a Fellow of the CII?

I qualified in 2003. My involvement in two greenfield projects, in the interim, delayed this process. One did not go too far, but the other resulted in the creation of one of the most successful non-life companies in the marketplace.

What are the benefits of being a Fellow?

The CII Fellowship is a true gold standard. A designation like this reinforces fundamentals, gives you a global perspective, makes you think, and challenges conventional wisdom. Beyond work, an FCII and Chartered Insurer are wonderful accreditations to have; they are two constant companions whenever I stand up and talk, or sit down and write!

How has your career benefited from being a Fellow?

I would prefer to think of it as a "fellowship journey," that commenced with the associateship. At every stage, moving between overseas markets (I have worked in Thailand, Hong Kong and the UK, and also have interacted with Indonesia, Vietnam, Taiwan and Mainland China), before moving back to India. This journey has involved creating new business models, engaging and influencing distribution models, dealing with the regulatory environment, building new brands, aligning technology and ensuring governance standards.

A fantastically valuable contributor to my career path development has been the mandatory ethics course. It is a handy compass, particularly in emerging markets where you need to cope with multiple forces at play that could compromise professional conduct.

How did you find the process of becoming a Fellow?

A truly pleasurable one. The team at the CII were patient and supportive in understanding my work-related challenges. I was delighted that my significant published work was accepted as an alternative to the dissertation.

Do you have any other important information/reflections on your experience?

For about 25 years I've been a regular contributor to multiple CII publications, resulting in a solid portfolio. My authorship includes opinion articles and features, commentaries, and blogs in a myriad CII publications.

I had a great spell as the Co-Chair of the erstwhile Diversity Action Group (DAG) reporting to the Professional Standards Board (PSB). The European Human Rights Commission was creating a whole new playfield, demanding an urgent alignment.

These interactions reinforced my belief that there is no dearth of diversity in what insurers do. We engage with all walks of life. However, we seriously lag in inclusivity. I had the honour of co-hosting, with the CII, the first ever insurance industry DiveIn event in India in 2017. 

My blog, which you can read here, is an outcome of the diversity journey with the CII, covering everything that intersects with the topics diversity and inclusion.

I’d like to highlight two major fundamental shifts of our times: the internet, and climate change. The first impacted the "chemistry" of our business but the latter will radically change both the "physics" and the "chemistry".

Insurers have historically played a significant role in fulfilling the needs of industry and humanity. However, given the urgency of the unfolding climate crisis. This existential challenge needs to be addressed with due rigour and vigour.

As risk managers, underwriters and investors, insurers ought to assume a key leadership role in the transformative process. Our industry has a critical role to play in ensuring the wellbeing of the biosphere. I welcome the first steps of the CII in ensuring the membership to be climate ready.