''Digital transformation of the insurance industry accelerated during the pandemic''

Gopal Balachandran CFO, ICICI Lombard General Insurance

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What are your top three strategic priorities as the CFO of ICICI Lombard General Insurance?

Well, to put it simply, my focus is on three fundamental areas:

• Corporate governance and enterprise risk management– the two fundamentals of a resilient and sustainable organisation

• Continuous communication with stakeholders given the uncertainty in the environment

• Building an organisation that bases its decision on environmental, social and governance (ESG) considerations.

These are the top three strategy-level priorities for me.

What is your outlook on the general insurance sector, particularly with respect to technology playing a key role?

With the integration of technologies like artificial intelligence, blockchain, and drones entering the insurance mix, the sector is being forced to rethink its business modeling and strategic approach. Customers are essentially seeking more digital touchpoints for convenience as they experience that degree of personalization in their personal lives as well. The continued reliance of consumers on digital technologies that support mobile applications, extensive social networking, on-demand services, and similar options makes it clear that the mass market has entered a new phase. The insurtechs to an extent have been disruptive because when they do come in with their new models, they have a different pricing structure as well as a different experience. This brings a disruptive factor to the industry.