International Women’s Day 2024: Often pushed myself out of my comfort zone, says Shanai Ghosh of Zuno Insurance

In all my roles and interactions, I have chosen never to let gender come into the equation, even if the other person did, says Shanai Ghosh, MD & CEO, Zuno General Insurance.

In an interview with MintGenie, Ghosh said that the Indian insurance sector has gone through a transformational journey, especially in the last decade or so. From old-school insurance agencies to super-fast digital insurance without any paperwork, the sector has come a long way.

Edited Excerpts: 

As Women’s Day approaches, could you provide insights into your journey as a female leader in the insurance industry, including the challenges you’ve encountered and overcome?

Women have been battling stereotypes and biases and it doesn’t just start from your corporate career, it starts with school, college, and institutes. But one thing that I have learned is that I could choose through which filter I could look at it. If I look at it through the filter that I have, for so many it's an obstacle and handicap, I am going to focus on that. So I didn’t focus on the handicaps that were coming my way, focused largely on what I could control and where my strengths lay. I have focused on competence and perseverance. It helped that growing up at home, I never had an atmosphere that made me feel my gender was a handicap.

The other thing that I have done throughout my career is that I have always spoken up and put up my hand for additional responsibilities, very often pushing myself out of my comfort zone. I have always been drawn to roles that combine intellectual depth with execution rigour. This along with my somewhat dichotomous ability to manage both immense breadth with high data and detail orientation have been my strengths. These have helped me shape a unique career graph with diverse roles spanning the entire breadth of the organization which in turn have helped me develop a holistic yet nuanced understanding of businesses and the interplay of various functions.

In all my roles and interactions, I have chosen never to let gender come into the equation, even if the other person did. I chose to focus on my strengths and my work and channel my efforts in that direction. I felt that by dwelling on the gender handicap – I would just bring myself down, if I felt strongly about it, I chose to speak with my manager or friends at work. 

And last but as important as the work environment is the home environment, you need to create an ecosystem that supports you and your family plays a very important role here. I have been lucky in this aspect.

If you truly have an inclusive environment, diversity needn’t be the goal but it will come through on its own. More than 50% of our leadership team at Zuno is women. All of this has happened organically, purely based on merit and we don’t have any quota for it.

Also Read: International Women's Day 2024: How Kinara Capital’s Hardika Shah is bridging gender gap, empowering women in MSMEs

How do you see the role of technology shaping the future of the insurance industry, particularly in enhancing customer experiences?

The Indian insurance sector has gone through a transformational journey, especially, in the last decade or so. From old-school insurance agencies to super-fast digital insurance without any paperwork, the sector has indeed come a long way.

Technology has played a pivotal role in powering this change and bringing in newer innovations in terms of product design and delivery platforms. Customers today want affordable and simple solutions to their needs along with convenience and speed and insurance is no different. Technology provides the delivery platform to make all this possible. It helps us understand customers better through data, and deliver the solution as efficiently as possible which in turn improves the price to the customer. 

Zuno General Insurance, we leverage all the tools available to us through artificial intelligence, data analytics, machine learning models, and digital platforms to streamline processes and personalize services. From automated claims processing to AI-driven risk assessments, technology allows us to deliver faster, more tailored solutions, ultimately enhancing customer satisfaction and loyalty.

We have just launched something called ‘Zuno Driving Quotient’ which was borne out of the idea that we wanted to not just be there for customers if an accident happens, we wanted to actively partner with our customers to prevent accidents from happening. And mobile telematics is the technology that allowed us to realize this by ascribing a unique score to each customer every time they drive. In this manner, we gave an objective score to customers’ driving behaviour and encouraged them to drive safer through incentives of lower premiums. This is personalizing motor insurance like never before and creating engagement in a commoditized category.

Also Read: International Women's Day: Money is freedom, regardless of gender, says Sraboni Haralalka of Wodehouse Capital Advisors

With the evolving landscape of investments, how does Zuno General Insurance strategize its investment portfolio to ensure growth and stability for its stakeholders?

Zuno General Insurance prioritizes a prudent and diversified investment strategy to ensure growth and stability for our stakeholders. By carefully analyzing market trends and risk factors, we optimize our investment portfolio to capitalize on opportunities while mitigating potential losses. This approach enables us to adapt to evolving market conditions and deliver sustainable returns over the long term.

How do you think the recently launched “Pay How You Drive” campaign initiative aims to enhance road safety through redeemable rewards tied to improved driving scores?

Zuno GI has been the frontrunner in the usage-based motor insurance category. In 2020, under the sandbox initiative of IRDAI, Zuno launched India’s first app-based switch-on/switch-off motor insurance, Zuno Switch Motor Insurance, where one pays only for the days the car is driven. We followed it up, in 2022, with Zuno Switch 2.0 which incorporates telematics technology to detect when customers are driving and adjust premiums based on driving behaviour and usage. Drive Less, Pay Less. Drive Better, Pay Less, and enjoy more savings. 

As we continued to innovate, we introduced “Pay how you drive” option offering personalized insurance based on the driving behavior.

We recently launched Zuno Driving Quotient, India’s first-of-its-kind driving score, accessible through the Zuno app which has been conceptualised to incentivise good driving behaviour and empower customers to pay a lesser premium based on how well they drive. 

It was conceptualized to encourage even people who are not Zuno customers to download the app and take the 15-day driving challenge to know their driving skills through the cumulative score called – ‘Zuno Driving Quotient. By understanding their driving scores and receiving personalized feedback, participants can identify areas for improvement and enhance their driving skills accordingly. Users with high driving scores can enjoy significant savings on their Zuno Motor Policy premium, reinforcing responsible driving behaviour. By offering these savings, Zuno General Insurance incentivizes and rewards users for their dedication to becoming better and safer drivers, ultimately contributing to road safety in India.

The Zuno Driving Quotient initiative is a game-changer in the insurance industry, offering users an opportunity to assess their driving skills and get an objective score.

Cybersecurity threats are on the rise. How do you advise today’s generation to stay ahead in safeguarding its digital assets and protecting sensitive information regarding finances?

Cybersecurity threats pose significant risks to individuals and organizations alike. To safeguard digital assets and sensitive information, it's crucial to prioritize cybersecurity measures. This includes regularly updating software, using strong, unique passwords, and implementing multi-factor authentication. Additionally, staying informed about emerging threats and practising vigilance online can help mitigate risks and protect financial information from cyberattacks.

Also Read: International Women's Day 2024 | Insurance for all by 2047: How will it benefit women

In light of the present circumstances, health insurance has become increasingly vital. Can you discuss any innovative offerings or services that the insurance sector must develop to align with the evolving healthcare environment and provide support to customers amid these trying times?

The importance of health insurance has been underscored by recent events, highlighting the need for innovative offerings to support customers in evolving healthcare environments. The insurance sector is committed to developing solutions that address emerging health needs, such as telemedicine services, wellness programs, and flexible coverage options through inclusive gender-neutral plans. By leveraging technology and collaborating with healthcare providers, the industry aims to empower individuals to prioritize their health and well-being while providing comprehensive insurance coverage.

Please provide a tip you consistently adhere to in matters concerning finances.

Three principles are critical in managing finances

• Protect yourself, your health and critical assets
• Save consistently
• Diversify your savings across asset classes and risks