LEADERSPEAK....A good leader should walk the talk

A good leader should walk the talk

A LEADER HAS TO SET STANDARDS THAT ARE INSPIRATIONAL AND PRACTICE WHAT HE PREACHES... HAS TO CREATE A COMMON PURPOSE AND ALIGN THE TEAM TO THAT PURPOSE.

Bhargav Dasgupta, managing director and CEO, ICICI Lombard General Insurance, has held various key leadership positions and has driven sales, distribution, product development and marketing for the company. Dasgupta, who joined the company in May 2009, spoke to HT about various leadership issues and said one can be an effective leader only through moral authority. 

Excerpts:

What drives you as a leader?

Creating an organisation that is deeply customer-centric and sets industry standards. I believe that it is our responsibility to ensure that every genuine claim is paid as speedily and smoothly as possible. I am happy with the progress we have made in this regard, as the benchmark data demonstrate. The other aspect that gives me joy is to see people in our team achieve their potential and professional success.

What is your mantra?

Be positive. Keep learning. Dream big while remaining grounded.

The best and a not-so-good decision that you have taken?

Decisions are bad only in hindsight. When they are taken, they are the best in your judgment and in the context of the prevailing situation. Some of the decisions may not pan out as you expect — they become a source of learning and insight. I have had my share of such decisions and have tried to learn from them. Only decisions that are bad are the once that are delayed or not taken at all — I try my best to avoid that.

Your role models?

I have been fortunate to be surrounded by some extremely talented professionals in the ICICI Group. I have had the privilege to learn from quite a few of them — bosses, colleagues and subordinates. I believe that there is no end to learning. One who is in the pursuit of excellence should continue learning from diverse people and situations at all times.

How has been your experience in the last few years, considering that there have been several regulatory hurdles for the insurance industry?

The general insurance sector has witnessed some key regulatory changes starting with price de-tariffication a few years back. This was followed by dismantling of the third party motor pool. These changes were painful for the industry in the short term, but were important for the long-term development of the industry. Recent consumer-oriented steps in the form of health insurance regulations are again in the right direction. So, I won’t call these hurdles. Our experience as a company has been positive through these changes both in terms of growth and profitability.

As a leader, what kind of opportunity do you see in this market in the future?

I believe that the general insurance sector is poised for robust growth in the coming years. There are several factors that will drive this momentum. The current penetration for non-life insurance is only 0.8%, much lower compared to other emerging markets. Non-life penetrations in the other Brics nations are much higher — Brazil at 1.9%, Russia at 2.2% and China at 1.3%. Secondly, with around two-third of India’s population below 35 years, a large percentage of this segment will feel the need for and demand risk cover for personal assets going forward. Thirdly, as India returns to days of high GDP of 8% and above, our sector, which tends to grow at two to three times should witness growth rates of around 20% in the future.

How do you build loyalty among your team members?

You can be an effective leader only through moral authority and not through positional authority. You have to set standards that are inspirational and practice what he preaches. You also have to create a common purpose and align the team to that purpose. You can keep a team glued together and focused if it is driven by clarity and unity of purpose. I have always strived to build teams of passionate people who can relentlessly work towards common goals. I also try to create an environment of mutual trust and respect, empower people to deliver on their goals and help them where I can in times of need.

mahua.venkateshHT141211