“NIA should transform itself rapidly to be a global institution of excellence in learning and research in Insurance, Pension and allied areas.”
For the first time, in the annals of National Insurance Academy, the management of this premier institution chose to appoint an ace insurance practitioner and an astute leader in Mr. Sushobhan Sarker to head the institution at a very crucial juncture-crucial because of the simple fact that both the stakeholders and also the insurance industry have great expectations from this premier institution, which is devoted to equip the insurance industry with the best of talents. Mr. Sarker has taken up his new stint in right earnest and with lots of vigour. And the wind of change is already palpable at the corridors of NIA campus even during his very short stint at the helm of affairs.
Mr. Sarker took over the reins of National Insurance Academy, Pune as Director on 29th September, 2014, after a distinguished career spanning over 36 years with Life Insurance Corporation of India (LIC). As Managing Director, he shouldered a wide array of responsibilities from Marketing, HR, Customer Relationship Management, Corporate Communications, Corporate Planning and Investments to International Operations.
Prior to his taking charge as Managing Director also, Mr. Sarker had held strategic leadership positions including as Director& CEO of LIC Mutual Fund Asset Management Company Ltd. He has a rich experience of Board Governance having been not only on the board of LIC and its associates and subsidiary companies but also on the boards of other assisted companies as nominee Director of LIC.
Mr. Sarker is an Honours graduate in Physics and received his Master in Financial Management from the prestigious Jamnalal Bajaj Institute of Management Studies, University of Mumbai.
Mr. Sarker is a voracious reader and lays his hand on any book that he finds interesting. He is also a connoisseur of Indian classical music. He is extremely fond of listening to the likes of late Ustad Amir Khan and late sitar maestro Ustad Vilayat Khan and other greats of past generation.
He is loved by his students and colleagues for his sheer affability and inspiring leadership. He touches the right chord of his students by acknowledging even their smaller feats. His colleagues and peers remember him for his righteousness and generosity. The quintessentially Bengali Bhadrolok (gentleman) Cum Marathi manoos is extremely fluent in Marathi, Hindi and Bengali as well as in English. In freewheeling interview, Mr. Sarker spoke to Dr. A. Chattoraj Resident Editor of Insurance Times.
Excerpts from the interview:-
Q. Many congratulations sir, from Insurance Times on becoming the Director of National Insurance Academy. How are the initial feelings Sir…? I mean the transition from leading one of India’s biggest and most trusted conglomerates i.e. LIC of India to heading India’s premier Institution in the field of Insurance and Risk Management.
It has been nearly 10 months since I joined NIA. I am very excited to join NIA – having been associated with this organization in many ways right from the mid-1980s when as an Administrative Officer I was required to process some of the papers relating to the campus in Pune. In mid-career I attended some of the Management Development Programmes at NIA and later became a Member of the Governing Board in my capacity as Managing Director of LIC.
I feel that this assignment will enable me to appreciate and enjoy the growth of the insurance industry as an “Observer” as against the trials, tribulations and excitement of the earlier role of “Participant”. Having spent my working life in the Life Insurance industry, I now have the opportunity to learn about the fascinating aspects of the Non-life Insurance industry also.
Q. What role do you envisage NIA to play in the growth and development of the insurance industry in days to come particularly in view of increased FDI participation in India?
I wish that NIA transforms rapidly to effectively realize its Vision: “NIA to be a global institution of excellence in learning and research in Insurance, Pension and allied areas.”
In line with this vision and its mission statements, NIA should actively involve with this sunrise industry and together push the frontiers of knowledge and standards of practice.
Q. Are you happy with the current positioning of NIA? Or are you planning to effect some change in the positioning in days to come given the high expectations from the various stakeholders?
We would like to position NIA as a top of the mind brand in the area of education, training and research in Insurance, Pension and allied areas.
Q. NIA business school has been doing reasonably well – yet it is not well known to the world outside. Is it not the right time to showcase NIA B School among the best emerging B Schools in India?
It is not correct to say that NIA’s PGDM programme is not well known to the world outside. The programme is approved by AICTE and recognized as equivalent to MBA degree by the Association of Indian Universities (www.aiuweb.org). Having said that there is no limit to how far and wide the name should spread. Hence there is a need to continuously push this boundary of reputation.
Q. What role do you want NIA graduates to play in the overall growth of insurance industry in days to come particularly in terms of social responsibility? I mean, how should they differentiate themselves from the others?
NIA graduates, wherever they are, have already distinguished themselves by demonstrating the knowledge and the thorough training that they have received in the Academy. As they progress through their careers they should share the values they have learnt in the Academy with colleagues and other stakeholders in their work places, always remembering that insurance is a business whose true test comes when the customer is in distress.
Q. Do you want to see NIA emerging as a data repository in its own way in days to come?
While we have data accumulated over the years through research and consultancy projects done by our Faculty, we have not really considered whether we can develop a structure for becoming a data repository.
Q. Don’t you think Insurance companies and intermediaries should focus more on training of employees and marketing personnel’s to bolster their service level in keeping with the changing demands?
Education and training are a continuing process. NIA is the best example to show that Insurance companies are aware of the importance and need for training and are prepared to spend time and money for this purpose.
NIA was set up 35 years ago by the Public Sector insurance companies under the guidance of Government of India, Ministry of Finance. The importance of training and continuous skill upgradation in insurance can hardly be over emphasized.
