Page 48 - The Insurance Times August 2022

alumnus of the BIMTECH PGDM Programme, visited
and met students on campus.
Award of late Shri G.D. Birla Academic Merit
Scholarships
The objectives of Late Shri G.D. Birla Scholarships are
to continuously motivate students to improve their
academic performance.
Late G.D Birla Academic Merit Scholarship for Term
II & III (Batch 2021-23). of the PGDM (Insurance
Business Management) programme was announced
during the month. Manish Menon was placed at first
position and Rizwan Iqbal Wani at second position
for II Trimester. For the Third trimester Manisha
Mr Akarshan Srivastav, Co-Founder of Go Tezu a trainer Menon and Raichel Suseel took the first and second positions
aggregator platform and serial entrepreneur, and an respectively and secured scholarships.

LIC, which is focusing on Traditional Agency model is losing communication should be used to educate people. Though
its market share to private players who are using with privatization of Insurance sector, insurance awareness
Technology is an eye opener to what is going to happen if among public is increasing day by day, but it is still lacking.
Technology is not adopted. When compared to many developed countries, we are
lacking in insurance penetration. Insurance penetration will
Remain focused on what we do, less on what others do.
depend more on income levels rather than Insurance
While it’s good to stay aware of what the competitors are
education and awareness among general public. If income
doing, but we don’t want to devote too much undue
levels are increased, people will think of Insurance and find
attention to what they have going on. After all, we are
the cost of insurance relatively cheaper.
selling a product for customers and not just trying to keep
up with a rival. In trying to match our competition move The main problem with insurance is not whether or not
for move, we are allowing someone other than ourselves someone is covered, it lies more within the issues
to dictate our actions and planning. Worse yet, we are surrounding people not having the proper education about
straying from our own ideas in favor of trying to ultimately what type of insurances are available or how to go about
be second-best at executing someone else’s. learning more. Financial education is frequently taught in
secondary education, but it should be made a priority for
Q. Do you think new innovative products will help to higher education institutions.
increase the size of the market and attract more
people to buy innovative products. Q. What is the USP of your company and how do you
I do think so. More than innovation, the product should be plan to expand your operations.
simple and it should be need based. USP at the top of our mind is Distance Marketing. With the
onset of Covid online business of all items have increased
Q. Insurance Education and Awareness among all manifold and people have accustomed to do all types of
constituent of Industry is must for organised transactions online and we have the necessary tools and
development. Do you think this area is lacking in India technology in place for carrying out online transactions.
and all stakeholders need to gearup. While giving push for online marketing, we also wish to
Insurance Education is a continuous process. All channels of expand PoSP model.

48 The Insurance Times, August 2022