An actuary is the backbone of an insurance company. It is their word that determines the fate of a company. In India, there are hardly a few hundred practising actuaries and one such is Sanjeev Pujari of SBI Life Insurance. In a discussion with ET journalists, Pujari explains the role his profession plays and how the industry is evolving. Edited excerpts:
n India, insurance is more of savings and less of protection. Is it because of the design of the product, or is it a cultural issue?
It is a cultural issue. Traditionally, insurance has been sold as such and LIC has been focusing on long-term savings. The regulatory intervention to keep a distinction between mutual fund and insurance came in 2008-09 when IRDA said that the products have to be long term, carry a minimum level of taxation.
