IndiaFirst Life Staying Ahead in Insurance, Navigates Risks with Innovation

Amrish Maheshwari

At IndiaFirst Life, Environment, Social and Governance (ESG) has been core to their operations from the beginning. They have instituted an ESG forum, which meets periodically to track various ESG initiatives of the company, shared Amrish Maheshwari, Chief Risk Officer at India First Life Insurance Company, in an exclusive interaction with Shruti Jain of Elets News Network (ENN).

In the dynamic landscape of the insurance industry, how do you navigate and mitigate emerging risks to ensure India First Life Insurance Company remains resilient and adaptive?

In today’s ever-evolving insurance landscape, anticipating and addressing emerging risks is fundamental to our company’s resilience and adaptability. We prioritise a comprehensive risk management framework that includes identification, analysis, scenario planning, and monitoring.

As the Chief Risk Officer of IndiaFirst Life Insurance Company, navigating and mitigating emerging risks is paramount to maintaining resilience and adaptability in this dynamic industry. We employ a proactive approach, constantly monitoring market trends, regulatory changes, and emerging threats. By leveraging risk management techniques, we identify potential risks early and implement robust mitigation strategies to safeguard our company and policyholders. By fostering a culture of risk awareness and innovation, we proactively identify and mitigate potential threats, ensuring the long-term security and success of IndiaFirst Life.

By adopting this proactive and comprehensive approach to risk management, we strive to ensure that IndiaFirst Life remains resilient, agile, and well-positioned to navigate the complexities of the insurance industry while delivering value to our policyholders and stakeholders.

Risk management in the financial sector involves a delicate balance between innovation and prudence. Can you share specific instances where your team has successfully integrated innovative risk management strategies at IndiaFirst Life Insurance Company and its positive impact on the organization?

At IndiaFirst Life, we recognise the critical importance of striking a balance between innovation and prudence in risk management within the financial sector. Our commitment to this balance is evident in several instances where our team has successfully integrated innovative risk management strategies, yielding positive impacts for our policyholders and stakeholders.

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We have applied innovative risk management strategies across multiple areas, such as Underwriting, Claims, Cybersecurity, etc. We use data analytics and predictive modelling techniques to enhance underwriting processes and Claims decisions. By leveraging such techniques, we have significantly improved our ability to assess risk profiles more accurately and efficiently, leading to better-informed underwriting decisions and reduced exposure to adverse events.

Overall, these innovative risk management initiatives at IndiaFirst Life have not only strengthened our resilience and adaptability but also assisted us in sustainable growth and value creation for our stakeholders.

Given the increasing importance of data analytics in risk management, how does IndiaFirst Life Insurance Company leverage advanced analytics and artificial intelligence to enhance risk assessment and decision-making processes?

At IndiaFirst Life, we harness the power of data analytics and artificial intelligence to revolutionise risk management. We uncover valuable insights from vast datasets through data analysis techniques, enabling us to identify risks, predict customer behavior, and optimise decision-making processes.

Our approach involves leveraging predictive modelling to anticipate future trends and risks, allowing us to adjust our strategies and mitigate potential threats proactively. Additionally, we employ modern technologies to enhance underwriting accuracy, fraud detection, and claims management, ensuring a seamless and efficient experience for our customers while safeguarding the integrity of our operations.

Climate change is increasingly recognized as a systemic risk for the financial industry. Can you share insights into how IndiaFirst Life Insurance Company incorporates climate-related risks into its risk management framework and contributes to sustainable and responsible business practices?

At IndiaFirst Life, Environment, Social and Governance (ESG) has been core to our operations from the beginning. We have instituted an ESG forum, which meets periodically to track various ESG initiatives of the company. An ESG working committee follows a participatory approach and ensures every employee’s voice counts. We have a detailed ESG policy in place. This aligns with the vision of our stakeholders, including our investors, customers, and shareholders, as well as with the larger vision of the nation, such as the country’s declared goal to be net zero carbon by 2070.

IndiaFirst Life follows the integrated risk management approach, wherein we assess and evaluate environmental risk per our ERM framework. Moreover, the company focuses on environment-related initiatives based on the ethos of responsible consumption and recycling wherever possible.

We also maintain transparency in disclosing our climate-related risks and efforts to mitigate them through regular reporting and communication with our stakeholders. This fosters trust and accountability while demonstrating our commitment to sustainable and responsible business practices.

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In an era of regulatory evolution, how does IndiaFirst Life Insurance Company ensure compliance with changing regulations while maintaining a competitive edge? What role do you see for RegTech in streamlining compliance processes and enhancing risk management efficiency?

Ensuring compliance with evolving regulations while preserving our competitive edge is one of the top priorities at IndiaFirst Life insurance company. We achieve this by adopting a proactive regulatory monitoring approach, conducting regular checks, and fostering a culture of regulatory awareness across all levels of the organisation.
RegTech is evolving and we also have a roadmap to enhance and adopt RegTech solution to build further efficiency in the compliance monitoring process. We understand that such solutions will enable us to automate routine compliance tasks, analyse large volumes of regulatory data more efficiently, and identify potential compliance issues in real-time, allowing us to focus on delivering superior value to our customers while maintaining our competitive position in the market.

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