AIM­ING HIGH

ALICE VAIDYAN HAS SET THE FOUN­DA­TION FOR A BIG­GER PLAY FOR GIC RE IN BOTH DO­MES­TIC AND GLOBAL MAR­KETS.

Business Today - - THE MOST POWERFUL WOMEN IN BUSINESS - BY ANAND AD­HIKARI

Alice Vaidyan, 59, is a com­pul­sive reader. In­ci­den­tally, she has laid her hands on Skin In The Game by Nas­sim Ni­cholas Taleb, the author of The Black Swan, which talks about em­brac­ing un­cer­tainty rather than try­ing to pre­dict ev­ery­thing. In Skin In The Game, Taleb talks about the foun­da­tion of risk man­age­ment. The choice is apt con­sid­er­ing that Vaidyan is in the busi­ness of risk, un­cer­tainty, and making the most of them. She has been head­ing GIC Re as Chair­per­son since Jan­uary 2016.

Un­der her, GIC Re has se­cured a place among the top ten global rein­sur­ers, dis­plac­ing US-based Transat­lantic Rein­sur­ance Com­pany and South Korea-based Korean Rein­sur­ance Com­pany, in terms of top line. It has also launched a syn­di­cate in Lloyd’s of Lon­don for gar­ner­ing global busi­ness. The cor­po­ra­tion has also un­der­writ­ten mas­sive busi­ness un­der the Prad­han Mantri Fasal Bima Yo­jana. “We are gear­ing up to sup­port Aayush­man Bharat,” says Vaidyan.

Dur­ing her ten­ure, GIC Re has grown its pre­mium from ` 18,436 crore three years ago to

` 41,799 crore in 2017/18. It is set to touch the

` 50,000 crore mark this year. The Fasal Bima Yo­jana has been a big con­trib­u­tor to pre­mium in­come. The scheme would have fallen flat with­out GIC’s sup­port. "GIC had a mar­ket share of more than 65 per cent in 2017/18,” says Vaidyan, who has suc­cess­fully taken the com­pany pub­lic. At ` 58,000 crore mar­ket cap, GIC Re is among the top 10 PSUs by mar­ket cap, next to SBI.

Go­ing forward, there are three big ini­tia­tives that will play out in a big way. One is the Lloyd’s tieup. “The tie-up pro­vides us an op­por­tu­nity to ac­cess busi­ness from a glob­ally re­puted plat­form and en­joy bet­ter credit rat­ing,” says Vaidyan. GIC Re will now no longer have to open more for­eign of­fices to get busi­ness. In­stead, the tie-up will give it ac­cess to newer prod­ucts in prop­erty in­surance, cy­ber se­cu­rity, etc.

WHY SHE MAT­TERS Vaidyan has taken GIC pub­lic and made it among the top 10 rein­sur­ers glob­ally

ALICE G. VAIDYAN CMD,Gen­eral In­surance Cor­po­ra­tionof In­dia

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