What does the McKinsey Vision 2015 report say?
Every time I have started a new business, I have found it valuable to work with McKinsey in scoping out a broad opportunity map. Axis Bank too has been using McKinsey for the last three-four years, so it’s actually a continuous process. People believe that since I am from ICICI Prudential, I am going to get into insurance or copy what someone else is doing. But it doesn’t make sense because what is right for Axis Bank today may not be right for somebody else and vice versa. So is life insurance right for Axis Bank? No, I think manufacturing life insurance products right now is not a smart idea because there is a lot of potential in the areas that Axis Bank is good at. So why should we get distracted? Life insurance is a fairly crowded market now and it doesn’t make sense to set up a greenfield life insurance venture. We may choose to partner someone with a small strategic stake. What about health insurance and broking? Health insurance is a more open area. But again, we have to ask if
