Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance
- Sumit Rai is the Managing Director and Chief Executive Officer of Edelweiss Tokio life insurance.
Podcast
Overview
Life insurance is a contract between you and an insurance company. In essence, the insurance company will give your beneficiaries a death benefit, in return for your premium payments. The COVID-19 pandemic brought about a major shift in the perception of life insurance among consumers and the delivery modes by insurance providers. It changed the way businesses in India, including the insurance sector, operate. And very few organizations came on top. One such organization is Edelweiss Tokio.
Sumit Rai is the Managing Director and Chief Executive Officer of Edelweiss Tokio Life Insurance. With an experience spanning two decades, he has led and mentored several cross-functional teams, enhancing organizational value and growth.
00:33: About Sumit Rai
- Sumit Rai is the Managing Director and Chief Executive Officer of Edelweiss Tokio life insurance.
- He was earlier with Max Life, Bank of America, and ABN AMRO.
00:48: Tell me about your journey in brief as a professional manager.
- When I passed out of B School back in 1994, finance was the field to be in.
- It started out with truck financing in the interiors of Punjab.
- And eventually, in 1997, I landed up in Bank of America.
- And then eventually, in 2000, I ended up in the insurance sector.
10:08: Tell me a little bit about Edelweiss Tokio.
- Edelweiss Tokio Life is the youngest company, in the life insurance sector in India.
- We started in 2011, under very difficult circumstances, a very tight market.
- The promoters are the Edelweiss group, which is an Indian based financial services conglomerate and Tokio Marine, which is one of the world’s largest insurers,.
- We are a full service company operating six or seven different channels.
13:50: What key changes have you observed in the insurance industry?
- Insurance business, in general, has been built on face to face interactions.
- So I think 2020 and the pandemic was a watershed moment, and we were literally stumped as to what we’ll do.
- And during the pandemic suddenly, I was teaching 10,000 people across the country how to sell across Zoom because life moves on.
- And I think that adaptability has been one of the core hallmarks for insurance over the last two and a half year
29:12: What are three lessons you want our viewers to take away from your journey?
- The first and the most important thing is to be curious.
- The second one is to see who you are working with. Especially at the beginning of a career, don’t worry about money.
- And the third would be not being afraid of failure. Experiment. Don’t be afraid of failure. Failure is a part of life
- The fourth lesson is to be humble.
RESOURCES:
You can connect with Sumit Rai- LinkedIn
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Profile
- Sumit Rai is the Managing Director and Chief Executive Officer of Edelweiss Tokio life insurance.
- He was earlier with Max Life, Bank of America, and ABN AMRO.
