In the early turn of the century as today, within the last 20 years Liability Insurance has grown leaps and bounds to become one of the largest classes of business in the Corporate side of the Non-life Insurance Industry in India

The insurance industry plays a pivotal role in safeguarding individuals and businesses from potential risks and financial losses by offering a diverse range of insurance products. This sector involves a meticulous process where enterprises assess risks, collect premiums, and carefully design policies to outline coverage specifics. Uttara Vaid Advisory Services (UV Advisory) stands out in India's General Insurance Industry, specializing in Liability Insurance, one of the most intricate segments in Non-life Insurance. UV Advisory is set up with the aim of demystifying and popularizing Liability Insurance and making it accessible to all by providing tailored consultancy and training services, to Industry stakeholders such as Brokers and Insurers. UV Advisory supports Brokers and Insurers in policy structuring, bridging knowledge gaps between Multinational brokers and Indian counterparts. UV Advisory provides comprehensive technical expertise in Liability Insurance, including global program coordination, contractual reviews, and claims handling, serving as a one-stop shop.

Uttara Vaid, the Founder of Uttara Vaid Advisory Services, brings a wealth of industry expertise and experience to the organization. Her prior stints with leading multinationals in the country and regional management roles in diverse geographies leading multilingual teams have equipped her with valuable insights, allowing her to make innovative contributions that consistently drive the success of the company. Under Uttara Vaid's leadership, UV Advisory has forged a path of continual achievement, establishing itself as a trusted partner in the dynamic landscape of the General Insurance Industry in India.

In a candid interview, Uttara provided insights into her entry into the industry, the diverse expertise she brought to the organization, and her future aspirations and plans for its growth.

Walk us through your educational history. What prompted your entry into the insurance field?

In those days, all aspiring Commerce students pursued Chartered Accountancy qualifications; I was no exception. One day however my father, who was employed with United India General Insurance Company got the Licentiate (1st year in Insurance examinations) books home and with the swagger of a teenager (I was only 17 then) I declared that I could clear those exams. He challenged me, I appeared for the exams and to everybody’s utter surprise stood first in the Institute exams when the eligibility criteria was a minimum age of 21 and had to be employed in the Insurance Industry. Despite being allowed as an exception to take exams, I stunned the industry by topping them. Opting for a career in Non[1]life Insurance over CA, a seemingly risky choice, defied popular wisdom. Joining Tata Risk Management Services, my curiosity extended to international risk management exams, and I participated in the inaugural batch of only 4 Indian students appearing for the Institute of Risk Management examinations conducted by IRM UK. Despite being a top performer, I declined UK job offers after being invited to the prestigious AIRMIC conference in Cambridge, UK. Returning to India, I completed a risk management course, reaffirming my dedication to the insurance sector through an unexpected journey.

Share your background in the industry and the expertise you bring. Highlight the key areas of specialization you've cultivated as a leader in insurance throughout your career.

Beginning my journey in the insurance industry in 1987, when only four general insurance companies existed in India, I initially worked for a consulting company in General Insurance, Tata Risk Management Services (TRMS). Despite the constraints of a predetermined tariff system, we excelled in insurance consultancy, and during this stint, I was a veritable sponge absorbing knowledge from my experienced mentors, who were all masters of their craft, at TRMS. The unending pursuit of technical excellence in this company was instrumental in shaping my entire career and thought process, so that even in the company that I was to set up years later, technical expertise remains our most valued asset. Over 13 years of service in TRMS, I rose to become the company's General Manager. The advent of AIG in India marked a pivotal moment and the formation of Tata AIG General Insurance Company was a momentous milestone in my career, where I was selected to set up the first-ever liability insurance department, a novel venture in the Indian insurance landscape.

Despite success in Energy Insurance and consulting for projects like Haldia Petrochemicals and Enron Power Plant, I stepped out of my comfort zone. Ignoring well meaning advice from my professional friends, I opted for pioneering Liability Insurance in the Non-life Indian Insurance industry, facing challenges and triumphs. I still remember very vividly how with relentless perseverance, we completed the 10-year budget in 3.5 years, after which I was elevated from Tata AIG India to Regional Management of AIU reporting directly to AIU Head Quarters in New York. This involved managing operations for AIU across multiple countries however, extensive travel took a toll on family life. And I then opted for transtioning back to Tata AIG India and giving up my international role for a country-centric role. Yet, if I were to be asked, I would rate the AIU/Tata AIG stint from 2000 to 2008 to be extremely enriching in terms of professional fulfillment.

Illuminate the most pivotal professional achievement you've attained in your career journey. Share insights into your success mantra that has guided you throughout the years.

Personally for me and my own company Uttara Vaid Advisory, the fact that Insurance companies frequently commission our services to develop policy wordings, gives me immense professional satisfaction. This is a remarkable feat considering Liability Insurance policy wordings are traditionally imported from highly litigious countries abroad like the US and the European countries. That these wordings have passed all litmus tests such as getting regulatory approvals and acceptance from the reinsurers, brokers and ultimate buyers of insurance, is testimony to the trust and the confidence imposed in our services by industry stakeholders.

One of the most notable initiatives was the authorship of a groundbreaking report on public liability insurance, commissioned by the Money life Foundation helmed by the eminent journalist Sucheta Dalal. Released in March 2023 at the hands of the then MD and CEO of GIC Re, Devesh Shrivastava, this report not only garnered praise within the insurance industry but also earned acknowledgement in legal realms, underscoring its profound impact and relevance. The report's insights and recommendations have shaped the discourse on public liability insurance, enhancing my reputation as a thought leader. Invitations to speak at prestigious conferences in Cologne, London, and beyond have underscored my global standing.

What prompted the creation of Uttara Vaid Advisory Services? Share insights into the core concept driving the venture and its primary areas of expertise.

In a landscape dominated by a handful of international brokers in Liability Insurance, Indian brokers struggled to establish themselves in this field. Recognizing an untapped demand for Liability expertise, I was driven by passion to fill this gap. Despite job offers for CEO/COO roles encompassing various business classes, I knew my focus on Liability Insurance could only be served by starting my own venture. So once again, stepping out of my comfort zone of working for top corporates in senior management positions, I opted to set up my own company and I have never regretted this decision! This entrepreneurial journey commenced in 2015, distinguished by a unique launch party that attracted the presence of numerous CEOs from private companies. Despite embarking on this venture as a solo endeavour, the strength of my established reputation ensured a natural influx of work. Prioritizing quality over rapid growth, I've avoided compromising service standards. My diverse background as a buyer, broker, insurer, and consultant equips me to navigate the insurance landscape seamlessly. Now, I'm supported by my daughter Prachi Vaid, an authority in her own right in Liability Insurance.

What are your Success Mantras and do you have any messages for Women Entrepreneurs?

My guiding principles for success, which I believe resonate with women entrepreneurs as well, are simple yet profound. First and foremost, prioritize happiness above all other pursuits; it forms the cornerstone of a fulfilling life. Loving what you do is paramount; without passion, work becomes a burden rather than a source of joy. Achieving a healthy work-life balance is crucial, as it ensures that personal well-being is not sacrificed for professional success. And finally, successful entrepreneurship requires a blend of passion, perseverance, and discipline to navigate challenges and achieve long-term goals.

Uttara Vaid, Founder, Uttara Vaid Advisory Services

Possessing a well rounded profile, Uttara seamlessly combines technical expertise, having served in regional capacities in both insurance and broking domains, with high-level management skills. Her notable achievements extend to being invited as faculty for prestigious conferences, and she boasts several technical publications that underscore her industry expertise.