Trevor Bull, CEO & MD, Aviva Life Insurance Co. India
"Persistency is a concern in the Indian market"
- Apr 7, 2016,
- Updated Mar 7, 2017 2:00 PM IST
We have touched on persistency already. It is a concern.The industry has to truly win the trust of customers. It has to improve itselfso that customers value what the industry is doing. Second would be regulatorychange; it's not in any way a criticism of the IRDA of India or any otherregulator.
The trouble with such high volume of regulation change ornew regulations is that it is all reactive, and therefore you are not able toplan a roadmap for long-term sustainability. When one-off regulations keepcoming up, five a month, 10 a month, you have to change. So you are reactingand changing your model to fall in line with the new regulation. That I find abit of a challenge for the industry, personally. You need some stability in theregulatory environment. ~
We have touched on persistency already. It is a concern.The industry has to truly win the trust of customers. It has to improve itselfso that customers value what the industry is doing. Second would be regulatorychange; it's not in any way a criticism of the IRDA of India or any otherregulator.
The trouble with such high volume of regulation change ornew regulations is that it is all reactive, and therefore you are not able toplan a roadmap for long-term sustainability. When one-off regulations keepcoming up, five a month, 10 a month, you have to change. So you are reactingand changing your model to fall in line with the new regulation. That I find abit of a challenge for the industry, personally. You need some stability in theregulatory environment. ~