Why do we protect our cars more diligently than our own health? Why do we rely solely on employer-provided group insurance, when a single hospitalisation can wipe out our savings? These are questions Anup Rau, MD & CEO of Generali India Insurance, has grappled with over the past three decades. On Simple Hai! with Vivek Law, Rau shared his views on why health insurance must be treated as a necessity, the lessons he has learnt from an unconventional career path, and why curiosity and authenticity remain central to his leadership philosophy.
Indians Value Cars More Than Health
Rau told host Vivek Law that he still struggles to understand why Indians readily purchase car insurance on time but hesitate when it comes to health cover. “I have been saying for 30 years that the first thing you should buy is health insurance,” he stressed. “You are the asset that generates every other asset. If you don’t insure yourself, the most important asset remains unprotected.”
Rau pointed out that too many people postpone buying health cover or rely solely on their employer’s group insurance policy. “A cover of ₹5 lakh is utterly inadequate,” he said. “I was once hospitalised for food poisoning, and the bill was ₹4 lakh. Imagine if it was something more serious, and worse, if you were between jobs. The risk exposure is enormous.”
Covid Changed Perceptions, But Only Briefly
Rau observed that while the pandemic triggered a surge in awareness about health insurance, but the momentum did not last. “Even now, growth in new business is flat. About 80% of health insurance is group cover. Only 20% is individual, which shows penetration is still very low,” he explained.
He warned that delaying the purchase of health cover only makes it more expensive. “When people finally go to buy, either it gets rejected because of a lifestyle disease or premiums rise. Globally, health inflation is around 14% - far higher than regular inflation. No investment can keep pace with that. Only insurance can.”
Building Reach in Rural India
Speaking about Generali’s joint venture with Central Bank of India, Rau described it as a natural fit. “Generali is nearly 200 years old, and Central Bank is a century-old institution founded by Mahatma Gandhi. It’s a marriage made in heaven,” he said.
The partnership, Rau explained, allows Generali to offer affordable products in smaller towns. “Central Bank has 4,500 branches and serves five crore customers, many in rural India. Distribution costs are high in these regions, but this partnership helps us reach customers with products they can afford.”
While digital channels can play a role, Rau emphasised that “trust in small towns is built only when there is a branch building people can see in their neighbourhood. Physical presence still matters.”
Leadership, Curiosity and Staying Power
Reflecting on his three-decade-long career journey, Rau said he never planned to be in insurance – it just happened. “I’ve sold salt, tea, and now insurance. Salt taught me to sell myself, because salt is just salt. That lesson helped me in insurance too,” he recalled with humour.
For aspiring young professionals, Rau emphasised the importance of curiosity and resilience. “The most important quality is curiosity – not just in your domain but about everything. It’s what sets you apart,” he said. Quoting Shah Rukh Khan, Rau added: “Getting to the top is easier than staying there. To remain, you must work even harder and keep reinventing yourself constantly.”
Communicating with Employees Authentically
Rau is also known for his witty and thoughtful posts on LinkedIn, which he says work because they are authentic. “If you speak in a suit with a template, it won’t resonate. People want to hear real thoughts, not just P&L updates. That’s why I post about life, lessons, and reflections – not just insurance,” he explained.
For Rau, leadership is about connecting with employees directly. “Companies are not buildings; they are people. These posts are a way to reach them with authenticity.”
