Page 17 - Insurance Times July 2021

Max Life has also been recognized the previous year, has shot up the sales (weighted received premium) during
amongst the top 30 'Best Workplaces figures of insurances during April and April-May has grown by 23 per cent for
in BFSI'; and retains its position May 2021. the industry and 47% for HDFC Life."
amongst 'Top 50 Best Workplaces' for Niraj Shah, Chief Financial Officer,
The individual life insurance rose by
the fifth consecutive year of 27.06 per cent during the first two HDFC Life, told DIU.
participation, as per the Great Place to months of the current fiscal year. This While there is an increase in awareness
Work Institute's ("GPTW") 2021 study. is the highest growth in almost last five about insurance and financial
This year, the study covered more than years. protection, the base effect of de-
850 companies, out of which the Top
"There has been a rising awareness growth in Q1 FY21 is also playing a
100 have been selected for the
about insurance, more so during the role, Shah added.
marquee recognition.
current pandemic times," Bikash It is expected there still be some
The recognition is a testament to Max Choudhary, Appointed Actuary and impact of the second wave in the next
Life's long-standing values-driven Chief Risk Officer, Future Generali India few months but prospects for FY22 at
culture and 'people-first' practices Life Insurance, told India Data an overall level remain cautiously
around employee engagement and Intelligence Unit. optimistic, he further said.
talent development. Scoring highly on
Covid-19 hit cities with a larger
the GPTW Institute's 'Culture Audit
population, where people are generally Tata Digital plans to offer
Framework' that evaluated the
more internet savvy. Since pure term
organization on parameters of human loans, insurance, mutual
and health insurance products are also
touch, variety, originality, integration, available digitally, it led to an increase funds on its 'super app'
and all-inclusiveness, the Company has in the take up rate of such businesses,
achieved its best-ever ranking in the Tata Digital, which will soon sell
Bikash Choudhary added. everything from groceries to
latest survey.
Insurance Regulatory and electronics online through its soon-to-
Commenting on the announcement, Development Authority's latest figures be-launched 'super app', is likely to
Shailesh Singh, Director & Chief People show that 18.5 lakh individual life offer financial services such as loans,
Officer, Max Life, said, "We are insurance policies were sold during insurance, and mutual funds.
honored to be recognized as one of April-May, which was 14.2 lakh during
'India's Best Companies to Work For'. the same period last year. Tata Digital has set up a neo-banking
We are committed to maintaining an vertical and is trying to rope in industry
Though the base effect is significant veterans to set up this business from
environment where the most talented
across all sectors, as there was a scratch.
people want to come to work, grow
complete lockdown during April-May
their careers and make a difference The salt-to-steel conglomerate's digital
every day for our customers. This 2020, the growth is not similar among entity is touted as an ambitious omni-
all the insurance sectors. Life and
achievement is dedicated to our channel commerce platform that will
health insurances have shown more
employees, partners, and their families, go head-to-head with Amazon, Flipkart
and we look forward to moving up in growth than others such as motor and and Reliance's JioMart.
fire.
the ranks in the future." Tata Digital is scouting for strategic tie-
Life insurance grew 27.06 per cent and ups with licensed banks and insurance
Life Insurance in demand health insurance grew 29.25 per cent companies to offer financial
while motor and fire insurance grew
after covid crisis only 8.3 per cent and 3.53 per cent intermediation. These may include
services such as credit card
Covid-19 have made people more respectively. It is to be noted that fire applications, insurance distribution,
cautious and aware of their insurance insurance had grown by 34.42 per cent
micro loans and even merchant
needs as more people are buying last year during April-May.
management, fintech industry sources
insurances now.
"The growth momentum in the privy of the discussions told the
This, coupled with the lower base insurance business for the first two business daily. A 'super app' is like a
effect of the insurance business from months has been good. Individual WRP digital megastore where a user can buy

The Insurance Times, July 2021 17