Reliance Nippon Life Insurance – Marketing Strategy for Turnaround in Regulated Market

Abstract

The year 2011 was marked with a series of regulatory changes in the insurance sector by IRDAI that stumbled the insurers with lower sales. The aftermath of this crisis continued for some of the insurance companies in India. On October 2016, when Mr.Ashish Vohra took charge as the CEO of RNLIC, the company had been tottering with losses. The RNLIC board assigned him with an arduous task of making a swift and sustainable turnaround. Mr.Ashish Vohra leveraged his 25 plus years of professional experience in BFSI & manufacturing, implemented a complete business transformation that centred around new-age technologies. RNLIC P&L saw a massive transformation, emerging from losses close to INR 1970 million in FY 15-16 to registering profits of INR 502.8 million in FY 20-21. Still the challenge for him was to view RNLIC among the top life insurance companies in India within a span of the next few years. How could RNLIC become one of the top five insurance companies in India? What strategy should he adopt? Invest on InsureTech for technology innovations? Invest more on digital marketing to target the new age customers? Improve on key metrics of the insurance industry for attaining operational excellence?