Page 19 - Insurance Times March 2016 Sample

Interview
with

PROF. R. R. GROVER

Advisor, Amity School of Insurance,
Banking & Actuarial Science (ASIBAS)
Amity University, Noida
By Dr. Abhijeet K. Chattoraj
Resident Editor, The Insurance Times

Even at his ripe age, Prof R.R. Grover, is as fit as a fiddle the will of several political parties and the unions. The

and continues to bewilder everybody by his disarming setting up of the Regulator and amendment to Insurance

personality and cherubic smile. He is fondly called the Act leading to increased FDI has all been positive aspects.

grand old man of Indian Insurance by his peers colleagues, New channels of distribution were opened to give oppor-

and students. Many marvel at his unwavering enthusiasm tunity of informed choice.

and energy level. In his illustrious career, Prof. Grover has The Life Insurance Industry saw a rapid growth up to 2009-
assumed many challenging roles, starting from Life Insur- 10 and then slipped into negativity, though the fortunes of
ance Corporation of India to his current assignment as industry should have changed after 15 years of opening up
Advisor to Amity School of Insurance, Banking & Actuarial as is observed in other sectors. But what we find is despon-
Science (ASIBAS), Amity University, Noida. dency and stagnation. Customers have been totally alien-

He is an architect of many success stories, yet he is modest ated on account of mis-selling in life insurance.

to a fault. Insurance Companies & Regulators focus only on agent as

Excerpts: against the requirements of the customers are likely to

Dr.Chattoraj - Sir, You have been witness to all keep the industry on back foot till the change of mindset.
that happened to Insurance Industry in the last The life insurance sector has shown negative growth of
50 years. Has the progression been on the dot- 5.82% in first year premium from Rs. 1,20,325 cr. to Rs.
ted lines and as per your expectation or you 1,13,320 cr. over corresponding period of 2014-15. The
have a feeling that many dreams still remain un- growth at 12.08% in General Insurance is having a mod-
erate growth throughout the period and premium income

fulfilled? increased 12% from Rs. 77553 cr. in 13-14 to Rs. 84684 cr.

Prof. Grover - Going down the memory lane, it has been in 2014-15.

a very nostalgic journey. I joined LIC in 1962 and under-

went a very rigorous training spread over a year. There- Dr.Chattoraj - Even in the wake of liberalization,
after went through various facets of career progression in Insurance as a culture has not yet entered into

which I experienced the resis-

“tance to computerization, de- If we review performance of the industry, it had touched “
the high of 5.27% in 2009 which has come down to
centralization to empower
branches and finally opening up 3.3% in 2014. The industry must introspect what are the
of the insurance sector to pri-
vate companies much against reasons for decline.

The Insurance Times, March 2016 19