Vinit Kapahi on innovation and sustainability

I want to pick up on something that we just heard from Shashank which is around the whole definition of sustainability and when we're talking about the insurance sector some people brain some people's brains will scramble understanding what sustainability means what does sustainability mean for a viva of an eight let me just sort of start by giving you context on the category let's it's a little bit complicated for a consumer to understand even if you were to look at stats for the Indian market today we are looking at about a loaf single digit percentage penetration in India the basic problem with a category which is insurances awareness now do consumers really understand what insurance is do they really understand what the

products are I mean we have two veterans from the auto industry here a consumer will never miss getting his car insured is the value of the car more than the value of his life I mean we really need to start looking at those things or are consumers really buying something which they understand the problem starts with the awareness part of it where people really need to start understanding what what the product is all about and in the end in Indian context more so because I said the penetration is a low single digit the other part very clearly in terms of you know is the fact that it's sold purely not as a protection product if you were to look at insurance life insurance it is sold as an investment category it is not an investment

category it is purely a cover on my life where I feel my life is more valuable than any of the sets that I have sort of you know in life I'll also get you a context if I'm insured for sports or 100,000 or a crore rupees today my value of life continues to go up whereas the insurance that I have continues to go down people need to first start understanding what the category means to them once the category understanding comes to them then they need to start looking at what is it that they need to sort of look at when it comes to the right fit product okay so as an opening gambit you're kind of you're a sort of educational business in disguise and as you say this there's no point

thinking about sustainability if you're not actually sustaining your own your own living and insurance is like that but going back into sustainability Vinit what's working for you from a marketing perspective how are you getting consumers to choose Aviva versus another insurance provider because you're more sustainable I think I think the industry today is again at a crossroads because you know as a mandate the government of India has said that we want everybody insured by the by the year of 2047 so that's working in the favor people are actually started looking at and as a company if you were to really look at we are not in we're not really looking at how do I say you're not really looking at a

protection business we've evolved from a protection to a prevention business now I mean if somebody would really ask what is prevention mean actually when do people actually use a life cover when some something wrong goes in their lives can we do something beyond where basically say can we start having people live healthy habits can we get them to do a little sort of mental where all the stress goes away can we sort of go back and tell them that you know mental health physical health and financial well-being are all part and parcel of one package so I see so in a way you're saying that by living a more sustainable life you're more insurable that's the link the idea is that the

like I said people don't really know the value of human life and the human life first starts with the fact that you need to first have a healthy lifestyle which means physical health mental health and also financial health the financial health part of it can come in from what what as products we offer but let me add we're going a lot more in terms of building physical and mental health also today was a day in the morning six o'clock we run live yoga classes for all and everybody anybody can join strongly a consumers on Thursdays we run a mental wellness 30-minute session where we want people to meditate yeah and then it comes the financial part of it so these are all sort of drivers of what we want people

to look at this is this is a really really interesting insight beneath and it's it's a nice antidote to Shubran shoes war of the worlds which had raised my stress levels this yoga thing is is is lowering them but let's finish off a bit by going from sustainability to the to the experience economy how on earth can insurance be part of an experience economy okay like any other product insurance also does not have a linear curve as we speak right now right you multi-dimensional sort of touch points and stuff you know what what what we look at doing is that simplifying approaches it's a very complex category can we can we ask a consumer a very select few questions and give him the right offer rather than actually

giving him a 20-pager to look at and read which are terms and conditions and standard terms you know which people don't understand even people on the other side don't understand well Vinnie and and we'll we'll we'll leave it there because because actually what you're saying it when you think about experience it sounds like more but actually in the case of insurance it's less right that's the better experience thank you so much for being on the show you've been a wonderful guest you