Ek Samvaad – “REBOOTING THE ECOSYSTEM” Chintan P. Mehta in conversation with Mr. Sharad Mathur, MD & CEO – Universal Sompo General Insurance

Ek Samvaad – “REBOOTING THE ECOSYSTEM” Chintan P. Mehta in conversation with Mr. Sharad Mathur, MD & CEO – Universal Sompo General Insurance

“Put actions behind your words. Don’t be a talker, be a doer“ —?Kevin Hart

True to this quote is the persona of Mr. Sharad Mathur. A very humble and soft-spoken gentleman, clear in his thoughts and ready with a firm action plan.

I was fortunate enough to get his time for some discussion over tea and cookies in the midst of his crazy schedule of board meetings and regulator visits. As the man is on the mission to “Reboot the Ecosystem '' - not a very pleasant task for any CEO. Here I am sharing some learnings which I feel can inspire and provide a roadmap for them, who face such challenges in their career.

Igniting and Inspiring fellow professionals and future entrepreneurs, is the motive behind my interview series, "Ek Samvaad"

REBOOTING THE ECOSYSTEM

·????????Restart – A game of Patience:

Restarting any enterprise has numerous challenges, especially when it’s a mammoth. An Indian Insurer with GWP of more than 3000 Cr (USD Mn 460 approx.) was not a small task. When you are assigned to rebuild, restructure the entire organization of this size, one trait of yours which is of prominence is Patience. Mr. Mathur has successfully managed the same since the past Two (02) years.

·????????Degrowth – Not an Option

Board knew that rebooting this ecosystem is not going to be easy. They understood and agreed for degrowth for a year or so, that too in the sunrise industry. Mr. Mathur was not ready to bow down, he was confident and committed to rebuild this without much compromise on the top line.

More than 40-45% contribution of one LOB (Line Of Business) was alarming, he had a soft choice of letting go of that business, taking a hit on the numbers and playing safe. Yet he chose the bold way, by lowering one LOB numbers marginally and pulling GWP from another LOB. A daredevil approach, one must agree!

·????????One Thing at a Time – The Focused Approach:

“Success is built sequentially. It’s one thing at a time.” – Gary W. Keller

One thing which is distinct in his style of management is focusing on one thing at a time. When he knew in his organization it’s one LOB which has more than required dominance. He decided to bring it down in phases. At the same time, he started focusing on One YEAR – One LOB, strategy.

·????????Finding your Blue Ocean:

In a crowded marketplace where every other manufacturer is as hungry as others and wants to outsmart competition, creating a new market space and proving the competition irrelevant is a challenge. Mr. Mathur is focusing on creating unique products and creating a niche. Redefining the product line and creating sub-categories is his mission. Adaptation of new age technology is also key in this regard as per him.

·????????To Synergize with Like-minded:

“If you want to go fast, go alone. If you want to go far, go together”. – African Proverb

One thing distinct about Mr. Sharad Mathur is his willingness to synergize, co-work and co-create with the like-minded. He understands the limitations of trying to address everything alone. He accepts that to beat competition it is always better to work in unison with people who share common goals. In the coming days, we may see various alliances by his organization to co-create winning products and offerings.

The journey has just begun… It's just two (02) years in office and most of the time was dominated by a pandemic. His real work has just started and Mr. Sharad Mathur is confident of taking Universal Sompo to newer heights. He is well aware about the market uncertainties and undoubtedly shall steer his organization like a seasoned master. While walking out of his den, I was also confident that he surely will…