Mastering the cover drive
Shikha Sharma, who has built ICICI Prudential the second-largest life insurance company after LIC without being a promoter, is ET's Businesswoman of the year.
By ET Bureau |
| Shikha Sharma |
Discussions to choose the Businesswoman of the year went at lightning speed, almost like Ms Indra Nooyi���s rapid fire questions at the ET CEO Roundtable on Wednesday. Names flew fast and furious, and while Vinita Bali and Chetna Gala Sinha were discussed, Shikha Sharma was unanimously voted the winner. The jury praised her role in building ICICI Prudential, the second-largest life insurance company after LIC, and as a professional who has achieved all this without being a promoter.
In the eight years since the industry was liberalised, the ranking of private insurance companies have changed several times except that of ICICI Prudential Life Insurance. The company has retained the No. 1 position every single year and has consistently widened the lead over its nearest peer.
Ms Sharma, who has a track record of successfully setting up greenfield ventures, began her career with ICICI, the financial institution, in 1980. She was soon involved in setting up I-Sec. Later, she helped set up ICICI���s personal financial services business, including retail deposits, retail credit, credit cards and web trade activities, which later paved the way for ICICI���s conversion into a bank.
ICICI Pru has grown at a brisk pace under Ms Sharma���s and according to analysts, it is the most valuable private life insurer in the country. Her success doesn���t rest on scale alone. Ms Sharma has also rallied the life insurance industry to tackle common problems. In 2004-05, the industry took a major step towards self regulation with the formation of a Life Insurance Council with its own secretariat. She played a major role in setting up the council.
Ms Sharma got into the insurance business as a rank outsider. She hadn���t even purchased a life insurance policy until she headed a life insurance company! Despite this, she believes that if one possesses the basic skills, the domain can always be learned. She raised eyebrows by employing MBAs in her actuarial department. Her reasoning: MBAs have the analytical and problem-solving skills that can be applied to any job. According to Ms Sharma, success requires a passion for learning, experimenting and taking risks. And for her, it���s the people who count, not the tasks.
Ms Sharma has also undertaken several initiatives on the health insurance side, making ICICI Pru the largest health insurer in the life insurance industry with over 70% of the premium generated in the sector. It is also an innovator in this segment, having launched disease-specific products.
An alumnus of the Indian Institute of Management, Ahmedabad, and a post-graduate diploma-holder in software technology from the National Centre for Software Technology, Mumbai, Ms Sharma typifies the new breed of professionals who have helped create Indian multinationals. ICICI Pru���s foreign parent is looking at its model for building a large multi-channel distribution force and a big professional agency in other developing markets. Although it���s too early to declare the winners in India���s insurance industry, ICICI Prudential has surpassed its targets in terms of policies and premium income.
In the eight years since the industry was liberalised, the ranking of private insurance companies have changed several times except that of ICICI Prudential Life Insurance. The company has retained the No. 1 position every single year and has consistently widened the lead over its nearest peer.
Ms Sharma, who has a track record of successfully setting up greenfield ventures, began her career with ICICI, the financial institution, in 1980. She was soon involved in setting up I-Sec. Later, she helped set up ICICI���s personal financial services business, including retail deposits, retail credit, credit cards and web trade activities, which later paved the way for ICICI���s conversion into a bank.
ICICI Pru has grown at a brisk pace under Ms Sharma���s and according to analysts, it is the most valuable private life insurer in the country. Her success doesn���t rest on scale alone. Ms Sharma has also rallied the life insurance industry to tackle common problems. In 2004-05, the industry took a major step towards self regulation with the formation of a Life Insurance Council with its own secretariat. She played a major role in setting up the council.
Ms Sharma got into the insurance business as a rank outsider. She hadn���t even purchased a life insurance policy until she headed a life insurance company! Despite this, she believes that if one possesses the basic skills, the domain can always be learned. She raised eyebrows by employing MBAs in her actuarial department. Her reasoning: MBAs have the analytical and problem-solving skills that can be applied to any job. According to Ms Sharma, success requires a passion for learning, experimenting and taking risks. And for her, it���s the people who count, not the tasks.
Ms Sharma has also undertaken several initiatives on the health insurance side, making ICICI Pru the largest health insurer in the life insurance industry with over 70% of the premium generated in the sector. It is also an innovator in this segment, having launched disease-specific products.
ADVERTISEMENT
An alumnus of the Indian Institute of Management, Ahmedabad, and a post-graduate diploma-holder in software technology from the National Centre for Software Technology, Mumbai, Ms Sharma typifies the new breed of professionals who have helped create Indian multinationals. ICICI Pru���s foreign parent is looking at its model for building a large multi-channel distribution force and a big professional agency in other developing markets. Although it���s too early to declare the winners in India���s insurance industry, ICICI Prudential has surpassed its targets in terms of policies and premium income.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
ADVERTISEMENT
