New India Assurance CMD: "You Can Never Become Completely Digital"

Despite having a 107-year history, the government-owned insurer is looking to adopt new technologies. However, Subramanian noted that a purely digital model may not work for the entire country.

"I believe that you can never become completely digital," she told ANI. "There needs to be a human element which needs to appreciate and also take our products to the masses of this country."

She explained that while seamless digital services might work for educated customers in major cities, a "human value chain" is still required to sell products in Tier 2 and Tier 3 cities, as well as rural areas. The goal is to merge these two elements to help achieve the national objective of "Insurance for All" by 2047.

To meet long-term goals, the company is targeting younger demographics. Subramanian emphasised the need to change the perception of insurance from a crisis-driven purchase to a regular habit.

"We need to educate our youngsters right from school on the importance of insurance," she said. By bringing young people into the "financial net" early in their careers, the company hopes to build a more social security-conscious nation.

The interview also addressed the rising frequency of natural disasters. Subramanian highlighted the importance of adhering to "Nat Cat" (Natural Catastrophe) rates in underwriting to maintain profitability. She warned that some companies are diluting these rates due to competition, calling it a "dangerous signal for the future."

She explained, "People have to understand that when you are charging a Nat Cat rate, you're creating a fund for the future for such national crisis to tide over them."

- ANI