Exide Life hopes to match its FY20 business performance this fiscal: CEO

Before the pandemic enforced lockdown, when the industry was expected to grow by 15-20 percent in 2020-21, the objective of the company was to grow upwards of twice the pace of the industry, Exide Life Insurance Managing Director and Chief Executive Officer Kshitij Jain said.

PTI

June 25, 2020 / 12:06 PM IST

Notwithstanding the challenges posed by the coronavirus pandemic, Exide Life Insurance Co Ltd with a focus on customer retention and speedy claim settlement hopes to match its FY20 business performance this fiscal, a top company official said.

Before the pandemic enforced lockdown, when the industry was expected to grow by 15-20 percent in 2020-21, the objective of the company was to grow upwards of twice the pace of the industry, Exide Life Insurance Managing Director and Chief Executive Officer Kshitij Jain said.

"We were aiming to grow at least by 30 percent in the year 2020-21. But the pandemic and lockdown has changed all that... projection (growth) for the full year right now I think would be a wishful thinking, it cannot be based on any facts. So what I can say is that, we expect that our business will come at least flat if not show some growth," Jain told PTI in an interview.

However, the company said it won't be able to share the growth figures for FY20 because of their internal compliance and legal requirements currently.

Right now the focus of Exide Life Insurance is not on new business growth but on ensuring that high level of customer retention and satisfaction, he said.

COVID-19 Vaccine

Frequently Asked Questions

How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

Show