“The question is not about the number of people insured. The question is, are they aptly and rightly insured? I think a lot of Indians are under-insured.”- Rajesh Relan
In this episode, Ashutosh Garg engages in a highly informative conversation with Rajesh Relan, Managing Director, Relico Ventures. Rajesh is a highly reputed veteran in the Indian insurance industry.
Rajesh talks about his two-decades-long experience in the insurance sector. He shares his insights into different types of insurances. He attempts to foresee the future of insurance in the fast-changing world. He analyzes the oncoming of private companies to the Indian insurance industry.
Rajesh emphasizes the importance of life insurance for a youngster. He shares the story of how he led ‘Metlife’ to overwhelming success. He later explains the role played by the foreign players in India.
Rajesh talks enthusiastically about his transition to entrepreneurship. He explains the working of his new venture. Later, he shares his insights about the ‘Ayushman Bharat’ scheme.
Rajesh then addresses a topic of paramount importance- the common mistakes most startup entrepreneurs make. He explains how to cope with failure and learn invaluable lessons from it.
Rajesh Relan, Managing Partner, Relico Ventures
Rajesh Relan has 30 years’ experience in the financial services sector in senior leadership positions within India and briefly in the Asia-Pacific region. After returning from HK, he is the process of establishing a Health Insurance Company and is seeking approval from IRDA. He is supported by Sabre Partners in this endeavor, a Private Equity firm, where he now a senior advisor and has been closely engaged with two of Sabre’s investee companies as an Operating Partner. He was the Managing Director of PNB MetLife India from 2006 to 2013, and was instrumental in forging the JV alliance with Punjab National Bank along with the company’s successful re-branding to PNB MetLife. Under his leadership, PNB MetLife became one of the fastest growing and profitable Life Insurance Companies in India. During his tenure, Relan established strong governance & compliance mechanisms, redefined business strategy, re-engineered business models, built scale, strengthened the talent base, and upgraded technology & operations, with customer centricity at the heart of everything, to establish PNB MetLife in India as a world class company.
After his stint with MetLife India, he moved to Hong Kong with MetLife International and covered various Asian markets within his vertical until 2015. During his stint at HK, he was a member of the core team that launched JV’s with AmBank in Malaysia and BIDV in Vietnam. Prior to MetLife, Relan was amongst first five employees to launch Aviva Life Insurance in 2002. He played a key role in Aviva’s acquisition of Eagle Insurance in Sri Lanka and launching its business by forging alliances with Sri Lankan banks. After working with CEAT Financial – a NBFC, he joined Old Mutual Plc to be a part of three-member core start-up project team in 1999 to file a license application with the IRDA to establish a JV- OM Kotak Life Insurance. He has a proven track record of successfully launching new businesses, execution and implementation at start ups, managing business turnarounds, redefining strategy and managing established businesses successfully. He has gained significant experience in the areas of Planning, Regulatory and Policy Formulation, Governance and Compliance at the Board level, Government Relations and Corporate Affairs, Stakeholder management – Managing multiple shareholders, Talent identification & development, Interacting with potential investors, Analysts and Media. Relan currently serves as an Independent Director on the Board of Aakash Educational Services Ltd., Non-Executive Director on the Board of Bajaj Capital Ltd., is an invitee on the Board of CHNHB Health Insurance Co. Ltd. is a Governing Board member of AND College, University of Delhi South Campus and serves on the Governing Board of Institute for Integrated Learning and Management (IILM). He has been a member of various committees of Industry bodies like the CII, FICCI, Amcham, USIBC and others. He has also been a part of various Govt. & Regulatory Committees over the last many years and Chaired an IRDA committee in 2016. Relan is a networker, nurtures relationships across industries and within the financial services eco- system.