Insurance Policies, Surrender Process Need To Be Simpler Says Anup Bagchi

After taking over the reins of ICICI Prudential Life Insurance as CEO and MD in June 2023, Anup Bagchi has been heard talking about making life insurance simpler, which is a big positive for policyholders. In an interview with Nidhi Sinha, Editor, Outlook Money, he talks about how simplifying insurance will help people buy the right product, curb mis-selling and reduce the possibilities of early surrender. Edited excerpts: You recently talked about making life insurance simpler. Why is that so? Our interaction with customers shows that they are anxious about buying insurance, mainly because of the complexity. The anxiety stems from the fact that they are not confident about what they are buying. I have seen it across the banking, financial services and insurance (BFSI) industry that customers shy away from complex products, even if they are good, and flock towards simpler...