Shriram Life MD: "We're Growing Despite Industry Stagnation"

We Are Constantly Growing Despite Industry Stagnation: Shriram Life MD, CEO Casparus J.H. Kromhout

At a time when many life insurance companies in India are grappling with stagnant growth and saturated urban markets, Shriram Life Insurance is carving its own path—steadily growing against the odds. In a recent statement, Managing Director and CEO Casparus J.H. Kromhout proudly shared that the company continues to expand, driven by a deep focus on rural outreach and affordable insurance solutions.

Shriram Life's journey stands as a testament to the power of staying rooted in purpose and aligned with real consumer needs. While the broader life insurance industry wrestles with plateauing urban sales and fierce competition, Shriram Life has found strength by diving deeper into underserved areas, focusing primarily on rural India—a demographic that still remains largely uninsured.

Kromhout emphasized that their growth is not merely numerical but strategic. The company’s entire model is designed to serve segments that are typically overlooked by mainstream players. Instead of chasing high-premium urban customers, Shriram Life has doubled down on inclusivity, designing insurance products that are both accessible and relevant to rural customers, daily wage earners, and low-income families.

“We’ve built our business on the belief that insurance is not a luxury; it’s a necessity,” said Kromhout. “Our goal has always been to protect the lives and incomes of people who need it the most but are often excluded from the formal financial ecosystem.”

One of the major drivers of their growth has been their wide and trusted distribution network. Shriram Life leverages its strong ties with local communities and grassroots agents who are deeply embedded in rural regions. This gives them a unique edge—direct, personal engagement with customers who prefer human interaction over digital interfaces.

In FY24, the company managed to grow its business despite industry-wide stagnation. They recorded a rise in new business premiums and maintained a healthy claims settlement ratio. Perhaps even more telling, their persistency ratios—an indicator of how many policyholders continue their policies year after year—remained solid. This suggests that customers are not only buying policies but seeing their value and staying committed.

But what’s perhaps most inspiring is the company’s vision for the future. Shriram Life isn’t just riding a short-term wave—it’s building long-term, sustainable growth strategies. It’s investing in digital tools not to replace agents, but to empower them. It’s experimenting with AI to streamline operations and improve customer service. And it’s constantly innovating its products to ensure they meet evolving needs.

In a sector often criticized for being too profit-driven or disconnected from the masses, Shriram Life's approach offers a refreshing alternative. It's proof that financial success and social responsibility aren’t mutually exclusive. Instead, they can go hand-in-hand—especially when a company is clear about who it serves and why.

Casparus J.H. Kromhout's leadership reflects this clarity. Under his guidance, Shriram Life is not just growing—it’s thriving with purpose. In his own words, “Stagnation in the industry doesn’t mean we stop moving. It simply means we have to find new ways to serve, new markets to enter, and new lives to protect.”

As the life insurance industry continues to navigate challenges, Shriram Life stands as a compelling case study of how targeted focus, community-driven models, and a mission-first mindset can fuel consistent growth—even in times of stagnation.