Rikhil Shah: Making Organizations Future-Ready By Crafting Innovating Financial Strategies
Rikhil Shah
CFO
Rikhil has been associated with SBI General Insurance for more than a decade and over the years has been responsible for formulating and monitoring policies, setting up internal controls, accounting, taxation, budgeting & financial planning, MIS, and capital planning for the Company along with setting up the entire finance team and putting in place the control and process system. He has been successful in implementing the idea of cost culture in SBI General and has witnessed good results, without compromising on quality or goals. He is also an Associate Member of the Institute of Chartered Accountants of India (ICAI).
As a passionate and value-driven financial leader, Rikhil is contributing enormously to the company’s big-picture strategies and planning. Let’s hear it from him.
What are the factors attracting customers to choose SBI General Insurance amidst the wide range of private sector insurance solutions providers?
SBI General is one of the fastest-growing private general insurance companies, with the strong parentage of SBI. We have a robust multi distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels, and Digital tie-ups. The
widespread network of distributors like 22000 plus SBI branches, agents, other financial alliances, OEMs, and multiple digital partners enables us to extend our reach to the pocketed remote areas of India. With innovation at the heart of our business, we provide the highest levels of service with dedication and consistency. We offer a bouquet of products spread across a wide range of businesses to cater to customers in all segments like Retail, Corporate, SME, and Rural ensuring accessibility in both forms digital and physical.
With a varied range of products, cutting-edge digital processes, wide network range, best-in-class customer service, and most importantly the legacy of trust that comes with the brand make it one of the most reliable companies in the industry today.
You possess about two decades of industry experience. How has your path to success been and what has been your success mantra?
Over the years, the insurance industry has undergone numerous transformations in terms of new developments, modified regulations, and amendments. These developments have opened new avenues for growth for the industry while ensuring that insurers stay updated with changing times. In today’s time, it is important for individuals to accept, adapt and take action to any change that comes around. I believe ‘Challenges are not the end of the world, they, in fact, are the beginning of a new opportunity’. This ideology has been my mantra throughout my journey which has helped me to deliver successful outcomes amidst every challenging situation.
What is the motivation that fuels your daily routine?
I look forward to transparent work culture where employees are heard and are granted meaningful insights that create trust with senior leaders and create an environment where people offer honest feedback appropriate initiatives to handle
The changes brought about by technology require leaders to be able to adapt, identify talent that is adaptable & encourage the environment to be agile & future-ready
With a varied range of products, cutting-edge digital processes, wide network range, best-in-class customer service, and most importantly the legacy of trust that comes with the brand make it one of the most reliable companies in the industry today.
You possess about two decades of industry experience. How has your path to success been and what has been your success mantra?
Over the years, the insurance industry has undergone numerous transformations in terms of new developments, modified regulations, and amendments. These developments have opened new avenues for growth for the industry while ensuring that insurers stay updated with changing times. In today’s time, it is important for individuals to accept, adapt and take action to any change that comes around. I believe ‘Challenges are not the end of the world, they, in fact, are the beginning of a new opportunity’. This ideology has been my mantra throughout my journey which has helped me to deliver successful outcomes amidst every challenging situation.
What is the motivation that fuels your daily routine?
I look forward to transparent work culture where employees are heard and are granted meaningful insights that create trust with senior leaders and create an environment where people offer honest feedback appropriate initiatives to handle
challenging situations indulge in meaningful work team building and interactions where team members not only share expectations for accomplishing group tasks but respect one another's individual differences.
In light of your strong experience within the industry, what advice would you give to budding industry leaders?
To be a successful leader, one must embrace technology infusion and data capabilities, adaptability, and agility. Technology and data are the two key drivers of change across industries, including insurance. Optimizing AI, IoTs-based business solutions will help companies in cost reduction and enhancing customer experience. In addition, process automation encompasses all functional areas, and distribution channels now offer more selling options while preserving a healthy ratio of physical to digital (phygital) sales. Big data should be utilized by the new generation leaders and drive insights quickly from the data.
The environment we are operating in is immensely dynamic and the changes brought about by technology require leaders to be able to adapt, identify talent that is adaptable and encourage the environment to be agile and future-ready. Another quality that a modern leader should have is open communication. When the CFO implements collaboration and communication as a part of his/her routine, it will benefit the business and will allow others to gain insights into crucial financial data which will motivate them to perform better.
Rikhil Shah, CFO, SBI General Insurance
Having a CA degree from the Institute of Chartered Accountants of India, exceptional expertise & knowledge about Insurance, and 20 years of rich experience in the financial domain, Rikhil is crafting innovative financial solutions and preparing SBI General Insurance for its future growth.
•Awards & recognition: Best CFO of the Year Award - BFSI at the CFO Summit and Awards 2021, CA CFO of the Year issued by ICAI in January 2019 and was recognized for his contribution to the field of finance, CFO of the Year at the 2nd Leadership Summit and Awards 2019, Best CFO of the Year by Insurance Alertss 2019, Felicitated with FE Financial Star by Financial Express CFO Connect Conclave 2022
In light of your strong experience within the industry, what advice would you give to budding industry leaders?
To be a successful leader, one must embrace technology infusion and data capabilities, adaptability, and agility. Technology and data are the two key drivers of change across industries, including insurance. Optimizing AI, IoTs-based business solutions will help companies in cost reduction and enhancing customer experience. In addition, process automation encompasses all functional areas, and distribution channels now offer more selling options while preserving a healthy ratio of physical to digital (phygital) sales. Big data should be utilized by the new generation leaders and drive insights quickly from the data.
The environment we are operating in is immensely dynamic and the changes brought about by technology require leaders to be able to adapt, identify talent that is adaptable and encourage the environment to be agile and future-ready. Another quality that a modern leader should have is open communication. When the CFO implements collaboration and communication as a part of his/her routine, it will benefit the business and will allow others to gain insights into crucial financial data which will motivate them to perform better.
Rikhil Shah, CFO, SBI General Insurance
Having a CA degree from the Institute of Chartered Accountants of India, exceptional expertise & knowledge about Insurance, and 20 years of rich experience in the financial domain, Rikhil is crafting innovative financial solutions and preparing SBI General Insurance for its future growth.
•Awards & recognition: Best CFO of the Year Award - BFSI at the CFO Summit and Awards 2021, CA CFO of the Year issued by ICAI in January 2019 and was recognized for his contribution to the field of finance, CFO of the Year at the 2nd Leadership Summit and Awards 2019, Best CFO of the Year by Insurance Alertss 2019, Felicitated with FE Financial Star by Financial Express CFO Connect Conclave 2022