Women have always had an impact in finance and banking, but they are being followed more closely than ever in today's market. Women are taking on more and more executive leadership roles across the board in the financial and banking world. Priya Misra is one such exemplary corporate law professional who is currently directing the entire legal function at InsuranceDekho. As a senior associate at a leading insurance law firm,  Priya has worked extensively with Indian insurance companies, insurance intermediaries, foreign reinsurance branch offices, Indian & foreign investors looking to invest in the Indian insurance sector, and major Indian players looking to expand and offer insurance to their customers.

Priya Misra always had a strong interest in insurance law and began interning at law firms that specialized in insurance during her college days. In her final year of law school in 2011, she was placed with Tuli & Co, a Tier-I law firm in insurance practice. After 5+ years at Tuli & Co, she joined InsuranceDekho, a prominent InsureTech startup, with the goal of better understanding the business side of the insurance industry and leading the company's legal and compliance functions. InsuranceDekho is an online platform that allows its users to compare insurance policies such as car, health, bike, and others, from insurance companies and lets them purchase the insurance policy. Launched in 2016, the company has over 14 lakh customers and over 50,000 partners across 1,150+ cities.

In an exclusive interview with Women Entrepreneur Magazine, Priya Misra, Associate Director - Legal & Risk at InsuranceDekho, walks us through her professional traits as well as her unique play at the firm.

In your opinion how has the insurance industry evolved over the years in the Indian context? What trends do you foresee developing in the said segment going forward?

The insurance industry is rapidly expanding, and the necessity for this growth has been exacerbated by the pandemic. InsureTech businesses are no longer a minor subset of the insurance industry, but are arguably becoming market leaders ­ the future of the insurance sector is digitalization. With the rapid growth of the digital space, there is a growing demand for in-house counsel with experience and expertise in the InsureTech space, as well as those who have matured and changed with the shifting legal landscape that is evolving to keep-up with digital innovation.

InsureTech is a niche space, and it is crucial for lawyers working in this space to constantly review the developments of law and be informed of the ongoing market trends, as well as regulatory guidelines and directives. It is certain that this industry will continue to witness a boom, resulting in an increase in the number of InsureTech players as well as the demand for professional leaders with experience in both insurance and technology.

What are the various roles & responsibilities that you currently shoulder at InsuranceDekho?

Currently, I am heading the legal function at InsuranceDekho. My responsibilities include managing day-to-day legal operations, providing insurance regulatory advisory to businesses, commercial contract drafting, high-value contract negotiation, vetting insurance contracts, drafting responses to show cause notices issued by insurance regulatory authorities, advising on insurance business restructuring, insurance corporate structuring, secretarial compliance, regulatory compliance, dispute resolution, risk management, and mitigation. In addition, I am involved in business development projects to ensure that they adhere to applicable standards.

What, in your opinion, have been some of the most significant milestones in your professional journey thus far?

I believe you should celebrate what you accomplish on a daily basis rather than merely big milestones. That is the only way to enjoy your work and ensure that your team enjoys it with you. My path has been driven by a desire to learn and create an environment in which everyone can grow alongside me. You can become a great leader by observing and following other great leaders, and I have been fortunate to have mentors like Ankit Agrawal, whose enthusiasm and integrity in business inspire not only me but the entire industry.

“My path has been driven by a desire to learn and to create an environment in which everyone can grow alongside me”

What are some key leadership beliefs or mantras that you adhere to in order to be a successful business leader?

Allow your team to be themselves while you remain true to yourself. If you want to grow, you must take your team with you, and to do so, you must offer each person room to develop. Encourage your team to strive for excellence on a daily basis, and celebrate their small and big accomplishments.

What would your advice be to young women and girls who also aspire to become successful business leaders and entrepreneurs in the future?

We are typically indoctrinated as women to avoid conflict and be peacemakers, to accept what is provided without asking for more when we know we deserve it, and to accept being the `second best'. Women on any team are equal to their male counterparts, yet most of the time, women shy away from the limelight and are not given their due. The only way to grow beyond these challenges is to push yourself. Push yourself when you feel you are not ready, when you think you may not be the smartest person, when you think the question you have may be deemed stupid, when you are the only woman in a room full of men. Find the right team and the right mentor and always keep your focus on learning and growing.

Priya Misra, Associate Director -Legal & Risk, InsuranceDekho

Experienced counsel with a demonstrated history of working in the insurance industry. Skilled in Insurance Regulatory, Structuring of Insurance Business Distribution Models, M&A Transactions, Contract Drafting and Review, Employment Laws other Corporate Commercial matters.