India’s Iconic CEO’s: Tapan Singhel, Bajaj Allianz
The business of helping people in their times of need. An insurance company’s biggest obligation towards its customers is to free them off their worries by settling claims. At Bajaj Allianz General Insurance, we believe in seamless and speedy claims settlement, and ensure to travel the extra mile to make our customers’ entire insurance experience smooth and hassle-free.
It’s often said that leaders these days must operate in an environment of extreme volatility. Do you agree? How does that affect the way you lead?
We believe that good leaders are always proactive, i.e. instead of reacting to a volatile environment, they lead the change that others will have to react to. As a result, we have always ensured that Bajaj Allianz General Insurance is at the forefront of leading the positive change and is setting new industry benchmarks for enhancing customer experience and troubleshooting their worries.
A satisfied customer is the best business strategy of all. What is your prime focus for retaining customers?
We are obsessed about our customers to a point where all our innovations are focused at making the entire insurance experience from policy purchase to claims settlement smooth and easy for them. Our block chain based technology pays claims even before a customer is aware of a claims scenario and our app based solutions help them settle claims within 20 minutes of them registering it with us. We have 24*7 servicing facilities that involve both human and AI touch, helping our customers resolve any insurance queries. As an insurer we believe that for a customer a claims scenario is their moment of truth with their insurance company, and being proactive at it is what helps us not only retain our customers, but to also be their insurer of choice.
What was your first paying job?
I was a direct officer recruit with New India Assurance Company in 1991.
Do you have a formal mechanism for making sure you stay in touch with employees and customers on the organization’s front line?
After having deployed the best solutions for both employees and customers, it is easy for one to sit in their cabin and believe that the job has been done. However, I do not find it to be the right approach. As a person I believe that constant feedback is of utmost importance, and today with the power of social media you easily get to know both, where you’re good, and where you need to improve. I constantly engage with all my insurance customers on social media to know the adequacy of services rendered by us. And as for my people, we have ensured a two sided communication model, with regular townhalls and openhouses and a dedicated email id where they can directly reach out to me with their suggestions, grievances, queries etc.
What is the best business advice you’ve ever heard?
Make a difference to people’s lives.
What has surprised you about being an entrepreneur?
The excitement and fun associated with building companies is what I like the most about being an intraprenuer.
What strategies do you use in terms of planning your personal career progression?
I think as a leader it is important to establish a team consisting of an efficient set of people. Because at the end of the day a person is only as good as his/her team. The less you have to manage as a leader, the better are you placed. If you’re able to set benchmarks in terms of being a great leader and ensure that all your team members are moving in the right direction, that’s the best that you can do to yourself in terms of personal career progression as well as for the holistic growth of your team as well as your organization.
Your Favorite Book or Quote of all time?
Be A Good Human Being, No Matter What