Facing Risks Head-on

What was it that you wanted people to understand when you chose to pen a book on insurance?
It is common to see some hesitation when people think about insurance because it is perceived as complicated. I was hoping that people who read this book, can understand the basic principles. We tend to not look bad news in the face. If there are risks attached to it, we are more inclined to brush it under the carpet. 

I want people to understand what can go wrong and make an assessment. In some cases, insurance can help people and then they will be much more relaxed about moving forward. That is why the book cover says it’s a guide to leading a stress-free life. Risks are an inherent part of life and we often forget their enormity. 

Through this book, how are you attempting to offer an easy and thoughtful approach to dealing with risks?
When I look at my future liabilities in my family and only after I understand my personal requirements, I can buy insurance. The book focuses on principles. If everybody understands the basic principles, they can very quickly know the requirements and buy the right kind of insurance for them. It is a very personal decision. 

You have been in the sector for so long. What are some of the areas that can be improved?One of the areas of improvement is the way grievances are handled. This business has many claims, particularly in specific areas such as health insurance. Out of the lakhs of claims that come up every day, some get rejected or are ignored. Eventually, people have to keep chasing, which is not the best experience. I think the way such complaints are handled can be better. More focus on the product to maintain consistency is also required. In health insurance, the regulator has put in a minimum standard to ensure certain guaranteed quality. Similar concepts must be put in place for the other insurance as well. 

How was your experience of writing a book?
I loved it but it was a lot more hard work than expected. I have spent four years doing this. The editors, Harper Collins, have made me turn things around. But it’s been a great experience.