“With rising consumerism, what can we do at this time to make sure that 30 years down the road, once they retire, they’ve satisfactory corpus in hand? That is the problem that all of us have,” Iyer mentioned, talking on the CII Financing Summit in Mumbai. “Merchandise within the business should be so simple as somebody going and shopping for a parlour [biscuit] on the retailer. It must be an off-the-shelf product.”
He warned that regardless of 25 years of liberalisation, insurance coverage stays concentrated in cities. “Eighty-five % of the enterprise comes from city areas. Nearly 80% of the branches are opened in tier 1, 2, 3 cities. We will not actually attain insurance coverage for all by solely specializing in these areas,” he mentioned.