Mr. Singhel’s success story, characterised by relentless customer focus and strategic ingenuity, serves as an inspiration for leaders worldwide. His illustrious career commenced in 1991 as a direct officer with New India Assurance Company, where he honed his acumen across diverse portfolios, including accounts, IT, underwriting, claims, and marketing. His multifaceted expertise laid a robust foundation for his future endeavours. In 2001, as a founding member of Bajaj Allianz General Insurance, he embarked on a mission to redefine India’s insurance sector. Based in Pune, India, he has played a crucial role in developing the company’s retail market strategy. With his relentless efforts, he has expanded the company’s footprint to over 1,000 locations and amassed a customer base exceeding 12 crore.
Mr. Singhel’s international exposure further enriched his perspective. He played a substantial role in establishing Allianz’s retail business in China and advancing bancassurance across the Asia-Pacific region. These experiences imbued him with a global outlook, which he seamlessly integrated into his leadership at Bajaj Allianz. His ability to synthesise diverse insights has driven the company’s growth and positioned it as an epitome of innovation and reliability in India’s insurance sector.
CHAMPIONING INCLUSIVITY
Mr. Singhel’s commitment to inclusivity is evident in his efforts to enhance insurance penetration in Tier II and Tier III cities. He acknowledges the transformative impact of government initiatives like the universal health policy, which provides Rs 5 lakh coverage to millions. This collaboration between the state and private insurers is improving healthcare in smaller cities, and attracting quality hospitals and skilled professionals.
Additionally, the leader’s advocacy for initiatives like Bima Vahak and Bima Vistaar, which provide insurance coverage at the panchayat level, shows his dedication to universal health coverage in India.
PIONEERING DIGITISATION
The advent of digitisation has revolutionised industries, and under Mr. Singhel’s stewardship, Bajaj Allianz has emerged as a pioneer in this transformation. The forward thinking leader perceives digitisation not merely as a tool for operational efficiency but as a catalyst for systemic change. The global health crisis posed by the COVID-19 pandemic highlighted this vision when he recognised the potential of real-time data to inform global health protocols.
He envisions a future where seamless data interchange between hospitals and insurers will enable instantaneous claim settlements and enhance customer experiences by saving lives. Mr. Singhel is committed to interoperability. He advocates for a unified platform that integrates hospitals and insurance companies. This plug-and-play model promises to streamline processes, besides enabling customers to access cashless treatments effortlessly. By using the large amounts of data available in the insurance sector, he hopes to speed up medical research, prevent unfair practices, and make sure everyone gets fair treatment. His vision goes beyond short-term benefits— he wants to create big changes that could improve healthcare around the world.
A TECH-SAVVY LEADER
Under Mr. Singhel’s stellar leadership, Bajaj Allianz was among the first to introduce telematics in India. This indicates his penchant for pioneering technology. By integrating AI with the vast data available in the industry, he envisions a future where predictive analytics can anticipate illnesses and enhance treatments, with the potential to save millions of lives. This powerful collaboration between insurance and healthcare highlights his strong belief in technology’s ability to serve humanity. Mr. Singhel’s focus on technology-driven customer welfare reflects his philosophy of purposeful innovation. AI is streamlining operations from fraud detection to claims processing, advancing his vision of a healthier, safer society through data-driven insight.
NAVIGATING COMPETITION AND CUSTOMER TRUST
The insurance industry is becoming more competitive, with new companies launching innovative products. Mr. Singhel embraces this competition and views it as a driver of excellence. He compares India’s 60 insurers to the 6,000 in the US, pushing for more market involvement. He believes that competition drives innovation, which results in better products and services for customers. Since 2001, under his leadership, Bajaj Allianz has broadened its distribution channels and product range, resulting in improved products and services for customers.
Mr. Singhel also addresses the perennial issue of claim settlements and dispels myths about industry inefficiencies. Referring to regulatory statistics, he points out that more than 96% of claims are processed smoothly, with disputes often arising from fraudulent or post-diagnosis policy purchases. Digitisation, he argues, will further simplify processes, but he emphasises the importance of purchasing insurance proactively to ensure seamless claims experiences.
A BALANCED LEADER
Despite his demanding role, Mr. Singhel maintains a harmonious work-life balance. He finds peace in meditation and family moments. As an avid blogger and a prolific social media influencer with over 6,70,000 LinkedIn followers, he regularly shares insights on industry trends and personal reflections. He has been recognised as a LinkedIn Top Voice in India for two consecutive years, in 2018 and 2019. He also blogs on diverse topics via his platform, ‘My Take.’ Additionally, his role as Chairman of the CII National Committee on Insurance and Pensions and his leadership in IRDAI panels highlight his dedication to shaping the industry’s future.
GLORIOUS ACHIEVEMENTS
Mr. Singhel has earned multiple accolades for his contributions, which have solidified his status as an industry titan. In 2021, he received the prestigious ‘Lifetime Achievement Award’ at the 25th Asia Insurance Industry Awards. Additionally, his recognition as ‘Personality of the Year’ at multiple summits, including Quantic’s BFSI Excellence Awards 2021 and the Indian Insurance Summit 2019, reflects his transformative leadership. He is also the recipient of the ‘CEO of the Year’ award and the Insurance Asia Awards. He was named the ‘Most Promising Business Leader’ at The Economic Times Global Business Summit in 2018.
