MUMBAI, 1st FEBRUARY, 2021 (GPN): Budget FY22 lays a heavy emphasis on protecting lives and livelihood, charting out a clear roadmap for spurring structural demand. The increase in FDI limit in insurance sector is a welcome move, which will open growth opportunities for the sector. Insurance, inherently, is an upfront capital-intensive business with a long gestation period. So, this move will enable the sector to play a bigger role in capital formation and channelise that capital for long term growth. Given the patient nature of its investments, life insurance sector will also support the country’s infrastructure and consequently spur economic growth. Today’s announcement, coupled with the recent hike in FDI limit in insurance intermediaries, shows government’s clear intent to provide a gradual and holistic support to the sector.

Profile:

Mr. Sumit Rai – MD & CEO 

Sumit comes with over 20 years of professional experience in Heading Business Units, Profit and Loss Management, Relationship Management, Sales Leadership, Business Development, Channel Management, Annual Planning, Data and Information Analytics, Operational Excellence, Turnaround Management, Training Interventions, leading and mentoring large cross-functional teams with an aim to enhance organizational value and growth.
Sumit was associated with Max Life where he spent over 16 years in building distribution capabilities across diverse channels and businesses and in his last assignment; he was responsible for managing and growing the largest non-captive Banca relationship in the country as a profit center.
Sumit has been instrumental in strategizing and implementing various strategic initiatives inclusive of automation, learning programs, market penetration and talent management aiming towards performance enhancement and organizational growth. Prior to Max Life, he was associated with Bank of America and ABN Amro Bank.

About Edelweiss Tokio Life Insurance:

Edelweiss Tokio Life Insurance is a joint venture between Edelweiss Financial Services Limited, one of India’s leading and diversified financial services companies and Tokio Marine Holdings Inc, one of the oldest and largest insurance companies in Japan. Edelweiss Tokio Life launched its pan-India operations in July 2011, offering proprietary need-based solutions to help customers meet their life stage financial goals. This lineage brings together a deep understanding of customer needs and international expertise. The company is headquartered in Mumbai, serving its customers through 51,723 personal finance advisors as on March 31, 2020 across 121 branches in 93 major cities.