Balance in product mix & distribution and our digital journey helped us in doing well amid pandemic: Vibha Padalkar, MD & CEO, HDFC Life
Vibha Padalkar, MD & CEO, HDFC Life, talks about Q2FY21 numbers and ladies who inspires her the most.
Balance in product mix & distribution and our digital journey helped us in doing well amid pandemic: Vibha Padalkar, MD & CEO, HDFC Life
Vibha Padalkar, MD & CEO, HDFC Life, talks about ladies who inspires her the most, Q2FY21 numbers and what helped the company in posting strong growth numbers and new products among others during an exclusive interview with Swati Khandelwal, Zee Business, in the Navratri Special Series. Edited Excerpts:
Q: On this auspicious occasion of Navratri, tell us about the form of Goddess that inspires you the most and why?
A: Every woman inspires me, not just the corporate types because even those who are come from the weakest background work hard and raise their children. Whatever is the economic means she stretches the savings, whatever she has managed her budget. So, hats off to every woman, especially the women in the low state of India they inspire me a lot and they are the unsung heroes within our country.
Q: That’s a great thing that every woman is an inspiration. But we are talking on the auspicious occasion Navratri and the Goddess has many Avatars’ so is there any particular Avatar of the Goddess that inspires you and why?
A: I like the form of Goddess that depicts love and is encompassing, forgiving and inclusive.
Q: There are challenges in the front of women leaders and I would like to ask these questions on their behalf who want to be an aspiring strong women leader as you are an example to it. So, let us know about the things that should be kept in mind as we go up the ladder? Is it as easy to be a women leader as we think?
A: Have to work very hard. The most important thing is that women need to want to succeed. You should have persistence because one can always blame that it didn’t happen with me and the system didn’t collaborate for the success. But I feel that these are just excuses and if you want to be something then you will find the way, the way will be created itself and it could be luck, family, someone who believes in you, so whatsoever is there, you will get a path but you need to want to succeed very-very badly.
Q: Let’s talk about your business and numbers. Despite the slowdown, you have managed to show a 55% growth in net premium growth. What kind of strategy has been adopted that has helped you in posting such a huge growth and do you think that this is sustainable?
A: There are two-three things and
1. Our digital journey: Some four-five years ago we realized that digital is very important going forward and it worked for us, especially we are doing everything non-face-to-face at present. So, we put a lot of emphasis on that and invested a lot both time, money and effort and that really helped us.
2. Balance in product mix and balance distribution: We have also said that it is a part of our strategy and that is balance in product-mix and balanced distribution. So, what happened is that at the time of COVID when people are very risk-averse, then our non-unit linked products and also protection products have started doing very well. And our front-line sale products are we are selling those products and we are trained in selling those products. So almost there is a switch and they can switch from one product to another depending on what is the customer is interested in buying.
3. We never felt that we will have to postpone our sales due to COVID as when the COVID comes back to normal. We never believed that there is a problem and that helped us in our DNA, especially in terms of our sales force that we have to make it happen.
Again, I would like to come on the earlier point that whether it is man or woman, we have to believe that the way must be found and we have to figure out ways of getting a message across to our prospective customers that actually because of the COVID let us not postpone the decision because right now insurance is needed more at this point of time. And, I think a combination of these things helped us to reach the numbers told by you.
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Q: Form the new product point of view because it is a very important area where products should be launched based on the situation. We have also heard that you have plans to launch COVID-related products. By when the product will be out in the Indian market and what activity is going on the rest of the products?
A: We have launched a COVID related product, CORONA Kavach along with our sister company HDFC ERGO recently, so that is something that we will like to focus on and also it is required at this particular moment. So, I would urge people to look at that product. Secondly, a recently launched product that is doing well and it is Group Poorna Suraksha, this is under the group platform so our corporate clients. Conversations are on with the companies with whom we manage a lot of funds to cover their employees as this is a pure protection product. We are also focusing on riders, annuities (retail annuities). So, the combination of many things that how should we focus on risk management and how they can transfer risk to an insurance company and through these products, we are growing well.
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