Mr. Amar Sane
Achiever's Success Story
Revolution with India's Demographic Dividend Mr. Amar Sane's Mission to Accelerate Insurance for All
Currently serving as the Senior Vice President of HDFC Life, Mr. Amar Sane is a visionary leader with multifaceted skill sets in leadership and corporate governance. To put his vision and his work in progress in perspective – the official policy posture of India and that of the Insurance Regulatory and Development Authority of India (IRDAI) is to get insurance for all citizens by 2047. However, to this end, he aims to step up the efforts of the private insurance players to realize this lofty objective of insurance for all by a decade earlier, at least!
To justify this effort, he rightfully and credibly points to the statistics and official surveys that project the peak demographic dividend of India by 2041. the working age population, as a percentage of the total population, will increase and peak by 2041 and the percentage of elderly will increase post-2041.
Hence, he rightfully believes that this projected insurance revolution (for every citizen) must happen in tandem with the demographic dividend so that India realizes the potential economic benefits of insurance.
His stance reminds us about the government of India’s macroeconomic approach and planning for growth and development. Every year, just before the budgeting, the official economic survey of GOI says that economic growth and development should not only be inclusive but also faster!
His perspectives on the ripple effects of insurance on the broader economy are also interesting to us.
In the age of Artificial Intelligence, automation, and potential job losses, the insurance sector emerges as one of the bright spots in the economy as far as employment is concerned.
He points out that around one million women are employed as insurance agents in India.
Given the low insurance penetration and low density, coupled with the official goal of achieving insurance for all in the near future, the insurance sector looks poised for great strides, and it can also tackle the issue of jobless growth in India to an extent.
Apart from his understanding of the role of the insurance sector in the economy, what is impressive is his leadership skills, knack for corporate governance, and most importantly his awareness of tech trends and willingness to adopt and adapt.
Being a trained life coach and career coach, he leveraged these skills to build teams and led them to deliver results beyond expectations. And his awareness of cutting-edge and new-age technology is truly commendable.
Just to give a glimpse into the possibilities, he gave an example of how blockchain technology and its smart contracts are going to revolutionize settlements and how fraud detection will be made a cakewalk task, thanks to data analytics.
