Power Trendsetter: Alice G. Vaidyan | Verve Magazine
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July 07, 2016

Power Trendsetter: Alice G. Vaidyan

Text by Ranjabati Das. Photograph by Manish Narkar

For being the first woman to be appointed Chairman-Managing Director of the state-owned General Insurance Corporation of India (GIC Re), a first in the history of the country’s insurance industry

Spearheading the plan to double revenues — from the present 2.5 billion dollars — within a mere three years, Alice G. Vaidyan has many aces up her sleeve. Placing a greater emphasis on emerging economies, especially BRICS nations, CIS countries and Latin America, the master hand has welcomed India’s move to open up the market to new players earlier this year. The ardent supporter of the new agriculture insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), enjoys playing the piano in her spare time.

On competition and goals: ‘I don’t see any serious threat. The market will witness best international practices, product innovation and penetration, which will lead to further growth.’ Focussing on driving organic and inorganic growth, she has said, ‘Currently 57 per cent of our business comes from India and the remaining 43 per cent from overseas. We are looking at a 50-50 business mix.’

Future plans: ‘Today, GIC Re is ranked 14 internationally in the insurance business and I want to take it to among the top 10.’ And that’s not all. ‘We are also looking at newer lines of businesses like cyber, liabilities and terrorism cover segment,’ said Vaidyan, not long ago.

Read about our next power woman, Chiki Sarkar.

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