Be focused and carry your team with you
Arijit Basu, managing director and CEO, SBI Life Insurance, took charge of the insurance major last year. Before that, he served as chief general manager of the Delhi Circle. Basu, who has 30 years of experience, and has worked with the bank in various capacities, says joining the country’s largest lender has been his best decision.
What are the challenges in leading a joint venture between a public sector entity and an MNC?
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif, both of which are MNCs operating in 30 odd countries. Thus, both organisations understand how to operate in diverse geographies and cultures. Also, SBI Life operates as a private sector company adopting the best market practices in strategy management, HR and IT.
How do you merge the different work cultures, salary levels and even HR practices of the two entities?
SBI Life has its own unique identity which is distinct from that of its parent organisations, though the strength and reputation of the SBI and BNP Paribas Cardif brands define the operating environment for the company. SBI Life has its own work culture, HR practices and salary packages which are all benchmarked to the best in the industry. We also recruit the best in class in the industry. Out of the total 9,500 employees, only around eight are on deputation from SBI, and four or five from Cardif.
How has your experience been, considering there have been several regulatory hurdles for the insurance industry? Insurance regulations all over the world are stringent to ensure that customer interests are protected. We support that, and there is enough scope for growth despite that. Wherever certain regulations prove to be a hurdle, we discuss them with the regulator individually or through the Life Council to arrive at a fair solution.
As a leader, what kind of opportunities do you see in the insurance market in future?
As density and penetration levels are much lower than the global average, there is a lot of scope for the industry’s growth. Also, the middle class in cities and towns is increasing steadily, and there is lot of need for additional coverage. How do you build loyalty among your team members?
I build loyalty by being clear about goals, communicating these effectively down the line, and ensuring transparency in my dealings.
What drives you as a leader? The opportunity to be a leader of a premier financial services company with the scope of taking it to the next level is my greatest motivation.
What is your leadership mantra?
Be focused and carry your team with you
What is the best decision you have taken, and the worst? My best decision was to join SBI. I don’t have any major regrets so far.
Who are your role models? Nelson Mandela, who fought against the most formidable odds and yet won freedom for the people of South Africa, and my father, who maintained grace and equanimity throughout his life, and was still able to get things done and win the support and affection of all, are my role models. I look up to Mandela also because he brought the country together in a rainbow coalition without rancour or ill will and at the same time never lost focus on the poor.