Rakesh Kaul is a seasoned professional with over two decades of extensive experience in the BFSI sector, particularly in the insurance industry. Currently serving as Chief Business Officer at SBI General Insurance, he has been instrumental in driving the organization’s strategic growth and reinforcing its commitment to delivering excellence in insurance products and services.
Mr. Kaul has held prominent leadership roles in renowned organizations such as ICICI Lombard General Insurance, Liberty General Insurance, and Zuno General Insurance. His deep expertise in business development, strategic planning, and sales distribution has significantly contributed to the growth and expansion of these organizations.
A visionary leader, Mr. Kaul is known for his innovative approach and ability to foster meaningful collaborations with clients and partners. His focus on customer-centricity and operational excellence continues to strengthen SBI General Insurance’s position as a trusted provider in the insurance market, delivering value to its diverse customer base.
You have had an illustrious career in the insurance industry. Can you take us through your journey and how it led you to your current role as Chief Business Officer at SBI General Insurance?
As a BFSI professional, I’ve spent over two decades in the Insurance industry. I’ve had the privilege of working with several esteemed organizations in leadership positions, such as ICICI Lombard General Insurance, Liberty General Insurance, and Zuno General Insurance. It is pivotal to leverage the knowledge and experience gained in the field of business development and strategy that will help further grow SBI General Insurance’s sales and distribution efforts and drive overall company growth. We will reinforce SBI General Insurance’s commitment to delivering excellence in insurance products and services to its valued customers.
How do you balance innovation with tradition, especially when managing a legacy brand like SBI General Insurance?
SBI is one of the most trusted brands in India and we are proud of its legacy. We operate in a competitive space with other large financial service brands. We operate in a competitive space, competing with other large financial services, brands, start-ups aggregators, etc.
We build on the below core areas:
- Complete products suit with products at affordable price points
- Best Claim processes
- Use of technology to scale
- Leverage the brand and distribution strength of SBI
It requires a thoughtful approach that respects the brand’s heritage while embracing change. The key is to build on the foundation of trust and credibility that tradition offers, using it as a springboard for innovation.
As Chief Business Officer, you are responsible for driving strategy across multiple channels, including Retail, Bancassurance, Corporate, Government, Rural, and Digital. How do you approach such a broad mandate?
It is important to take into consideration the company goals that help in prioritization of strategy. Cross-functional collaboration allows in fostering open communications with multi- departments. Streamline processes and eliminate redundancies to enhance the operational efficiency. Focusing on below mentioned result-oriented approach:
- Set ambitious goals
- Empower people to achieve goals
- Focus on executional excellence
- Fair performance Reward
What do you believe is the most important trait a leader should possess, and how do you cultivate that trait in yourself and your teams?
Empathy is, in my view, the most essential trait for effective leadership. It enables leaders to deeply understand their team members, clients, and partners, fostering trust, motivation, and collaboration. Empathy forms the foundation of effective communication, inspires a shared vision, and drives informed, people-centric decisions. Cultivating empathy in leadership involves several key steps. First, active listening is paramount being fully present in conversations and acknowledging diverse perspectives creates an environment where individuals feel heard and valued, thereby strengthening connections. Second, open communication is critical, encouraging transparent and constructive dialogue that ensures feedback is both given and received effectively. This approach helps leaders stay attuned to the needs and challenges of their teams, allowing them to lead with clarity and compassion. Third, exposure to diverse experiences is crucial, as understanding varied backgrounds and cultures fosters an inclusive mindset and appreciation for diverse contributions. Finally, leading by example is essential; demonstrating empathy through actions, such as recognizing achievements, supporting team members during challenges, and advocating for their growth, reinforces a culture where empathy is valued and emulated. By embedding empathy into leadership practices, I aim to cultivate a positive and resilient work culture where individuals feel empowered to innovate, take risks, and deliver their best contributions.
