Upasana, the CEO of Himalayan Reinsurance Limited, is a seasoned professional with an extensive experience in the Insurance / Reinsurance industry. Prior to this, she was working with United Insurance which is one of the non-life insurances in Nepal where Upasana held the position of first female and youngest CEO that the industry has ever seen. She has also worked in India which includes companies like Cummins, ICICI Loombard, Vodafone and Bharti Axa.

In a recent conversation with the Global Woman Leader Magazine, Upasana sheds light on the evolving customer needs in insurance and the prevalence of tech trends. She also talked about two different aspects i.e., traditional models as well as the AI usage in addressing customer and employee concerns. Upasana also explains how insurance companies can build trust and transparency in today’s world. Read out the entire article to know more.

How do you evaluate the current state of the insurance industry? What leadership qualities do you believe are crucial for navigating these changes while staying competitive?

The current state of the insurance industry is significantly shaped by digital transformation and evolving customer expectations. Technology, particularly AI, machine learning, and data analytics, is driving efficiency and innovation by streamlining operations and personalizing the customer experience. Insurtech isalso disrupting traditional models, prompting firms to rethink strategies and accelerate their digital transformation efforts.

Customers now expect seamless processes, transparency, trust, user-friendly interactions, and quick claim processing. The industry is embracing digital channels to provide easier access to information and meet these rising expectations. Additionally, insurers are adapting internally by transitioning employees from manual processes to automated systems, aligning workforce skills with the demands of digital transformation.

Effective leadership in this environment requires adaptability—embracing new technologies and understanding customer preferences. If leaders fail to adapt, neither employees nor customers will fully engage. Empathy and a customer-centric culture are also critical for fostering loyalty. Collaboration with external partners, such as tech firms, further supports innovation.Data-driven decision-making is another key area for improvement. The industry must better leverage analytics to enhance customer engagement and remain competitive in a rapidly evolving market.

As diversity and inclusion is being prioritized, what role can women play in the finance industry in reshaping organizational culture to support sustainable growth?

The role of women in supporting sustainable growth is essential, though every leader, regardless of gender, must contribute. In sectors like insurance, where women in leadership are stillunderrepresented, addressing cultural barriers is crucial. Promoting mentorship—where both men and women uplift female counterparts—can provide the needed support.

Developing leadership programs is also key, as they help women build the skills necessary to take on executive roles. With increasing female workforce participation, from 5-10% in the past to 30-40% today, it's vital to ensure their growth isn't limited to non-leadership positions.Work-life balance plays a significant role in fostering sustainable careers. Flexible work policies and childcare support can help women remain in the workforce, especially during life changes like childbirth. These policies benefit not only women but also men who share caregiving responsibilities.

Finally, inclusive recruitment practices are essential for promoting diversity. Organizations should cultivate a supportive culture that values diversity, inclusion, and gender equity, creating an environment where sustainable growth can thrive.

How can insurance companies drive innovation without losing sight of their core values? Share an example of a leadership strategy that could redefine the future of the insurance landscape?

In terms of innovation, companies must focus on key components without compromising their core values. First, they need to maintain trust and loyalty among both customers and employees throughout the innovation process. This ensures these relationships aren't damaged while adopting new approaches. When rolling out innovations, it's essential to avoid rushing. Pilot programs allow companies to test new products or services—such as seamless claim processing—on a small scale, enabling adjustments based on user and employee feedback while minimizing risks. Cross-functional collaboration is also critical. Departments like underwriting, claims, and marketing must align to prevent communication gaps. If working with third-party vendors, seamless coordination between internal teams and vendors is crucial for effective innovation.

Lastly, gathering and analyzing customer feedback is essential, especially in the service industry. Trust, loyalty, and transparency are the foundation of successful innovation. Regular feedback ensures companies stay aligned with customer expectations while driving innovation forward.

How do you balance between leveraging technology and maintaining the human touch? What leadership approach is necessary to mitigate the risks of over-automation in a trust-based industry?

To achieve a balance between AI and the human touch, we need to ensure that technology complements human involvement. AI shouldn’t fully replace human capabilities but should handle routine tasks like claim processing and data entry. However, human agents are essential for managing complex customer interactions and building relationships. Personalized interaction is crucial, especially in consultations, where AI can provide insights, but meaningful conversations require a human element. Training and development are vital, ensuring employees are well-prepared to work alongside AI tools. A hybrid model—combining automated services with human representatives—offers the best balance between technology and personal engagement.

From a leadership perspective, visionary leadership is key. Leaders must articulate a clear vision, emphasizing the importance of balancing technology and human interaction. Ethical considerations are also essential, with transparent guidelines for AI use to address customer and employee concerns. Continuous evaluation of technological solutions is necessary to assess whether human involvement is still required.

Empowering employees is critical—giving them the authority and responsibility to share insights about their interactions with customers and how these experiences can shape AI’s role. Ultimately, effective leadership grounded in empathy, ethics, and customer-centric values is essential to navigating the challenges of automation in the insurance industry.

In a globalized world, how do you as a leader balance the need for global expansion with the importance of maintaining strong local market relevance?

Maintaining strong local market relevance is essential. The idea of "think globally, act locally" is key. Balancing global and local strategies begins with understanding the market through thorough research and analysis. Rather than simply adopting global technologies, we must tailor our approach to local needs.

A flexible business model is critical—rigid structures won't work across different markets. Additionally, having a local leadership or management team with decision-making authority is crucial. Empowering local leaders ensures they align with market expectations and adapt processes and technologies to fit the local culture. Pilot programs are helpful to test new strategies in the market. Feedback from customers, local leaders, and employees is essential to refine processes where needed. Cross-cultural training also plays an important role, ensuring that global and local teams collaborate effectively and understand one another.

Strategies should incorporate cultural sensitivity, recognizing and representing local customers to build trust and engagement. Inclusive decision-making between global and local teams is essential, ensuring local insights shape strategies. This approach creates a balanced framework that not only enhances competitiveness but also fosters deeper customer connections, driving long-term success in diverse markets.

How can leaders cultivate and sustain customer trust in an era where digital interactions are replacing face-to-face engagements? How important is transparency in building lasting client relationships?

To cultivate customers, consistent communication is crucial. Regular interaction builds trust, but it also needs to be personalized for effective engagement. As we transition from traditional to digital interactions, personalization ensures customers don’t miss the human touch. If details like claims or policies aren't clearly presented on digital platforms, customers will prefer face-to-face interactions.

We also need user-friendly technology, quick response systems, and a strong feedback mechanism to improve continuously. Transparency is essential in digital insurance—clear policies, transparent terms, and fair pricing reduce disputes and dissatisfaction. Honest, prompt communication is key, especially when dealing with claims or policy changes.

Additionally, it’s vital to be transparent about data collection practices and how customer data is protected, as this fosters trust. Accountability in managing data and ensuring customer satisfaction is critical. Empowering employees and investing in sustainable technology will help maintain long-term customer relationships.

Messages For Readers

I believe in competing with myself, not others. Whether you’re a male or female leader, focus on your progress without agitation—support each other. Track where you are today and where you want to be tomorrow. Keep learning, keep growing.

Don’t hesitate to say, “I don’t know.” No one knows everything, and acknowledging gaps opens the door to learning. As leaders, we must express this openness. Your team may have expertise in areas you don’t, and mutual learning within the team fosters growth.

Empower your team by giving them both responsibility and authority. If they fail, it’s okay—failure is part of success. Guide them to improve, and move forward. This approach builds leadership, not just management, ensuring collective growth and a stronger future for everyone.