National Insurance Academy in collaboration with Swiss re, has organized the second international seminar on the topic of “Digital Disruption: Embracing digital innovation in (Re) Insurance Business on 7th February 2020 at Hotel Trident, Mumbai.
Dr. Subhash C. Khuntia, Chairman, IRDAI, Mr. M.R. Kumar, Chairman, LIC of India, Mr Girija Kumar, CMD, United India Insurance, Mr. G. Srinivasan, Director NIA, and Mr. G. Satish Raju, CEO, Swiss Re (India Branch) were the inaugural speakers, plus other eminent speakers from Asian region are also deliberated at the seminar. More than 350 delegates comprising of insurance executives, risk managers, brokers, including the CEO’s and the senior executives of insurance companies in Asian regions have participated in this seminar.
Dr. Subhash C. Khuntia, Chairman, IRDAI inaugurating the seminar by lighting up the lamp.
Director of National Insurance Academy, Mr. G. Srinivasan had delivered the welcome address on this occasion. He talked about how latest technologies like Block chain, IoT, Telematics and Artificial Intelligence, are reshaping the insurance industry. Mr. Srinivasan also highlighted the importance of how the industry should prepare to embrace the digital innovation in their business and what are the challenges that the industry will encounter while adopting to these new age technologies. Mr. G. Srinivasan, Director, NIA outlined the different ways through which, NIA is creating and developing the knowledge in Insurance, Pension and allied areas through undertaking various activities like organizing Management Development Program for the more than 6000 Top, Middle level & lower level executives of the insurance industry every year. The Academy is also running a Post Graduate Diploma in Management, where along with the General Management subjects the additional focus in on imparting Risk Management and Insurance Domain knowledge also.
Mr. G Satish Raju, CEO, Swiss Re India Branch started his address by giving a perspective on the rapid change in technology. He talked about the introduction of quantum computing in insurance and how it will be useful in processing the huge amount of data the is involved in insurance. He emphasized on the importance of collecting and processing data and how well it is managed and handled. He also pointed out the rapid rise in numbers of monthly digital transactions taking place in insurance sector globally.
Mr Girija Kumar, CMD, United India Insurance in his address started with the fact that the global insurance industry has already crossed $5 trillion. He focused on Davos 2020, where comments were made on technology, so he appreciated this seminar against this background. According to global survey 85% of customers are interested in going digital. He focused on six terms related to digital disruption, namely, cost efficiency, speed in operations, underwriting efficiency, reduction in claim processing time, customer satisfaction and sales production. The emerging economies are out-pacing advanced economies in terms of economic growth. Even the insurance industry has out-paced banking industry. It is ranked 4th in terms of digital maturity. Today we need digital strategies in making corporate strategies.
The LIC Chairman Mr. M.R. Kumar delivered the Key note address and he deliberated how these technologies are impacting the life insurance companies and how the companies should embrace the digital innovation in their business. Mr Kumar opened with how the industry was affected by fast paced and over-arching mega-trends. The trends include genomics, ubiquitous mobility, blockchain, cyber security etc.
The IRDAI Chairman Dr. Subhash C. Khuntia during his inaugural address stressed the importance of Digital Innovation in the insurance business. He also highlighted the recent changes that the regulator has brought including regulatory sandbox to encourage and embrace digital innovation in the insurance industry. He further stressed the necessity of what regulatory guidelines should be put in place in anticipation of these technological changes. He stated that the use of digital processors has helped in reduction of cost, increasing efficiency of the industry and fast settlement of claims. He said that the Digital disruption will results into release of huge data and such individual data will be exposed to huge risk. As insurance companies are already having a lot of Data with them. He mentioned various initiatives taken by the IRDAI such as electronic storage of policies in repositories. There are around 50 lakh policies in the repositories. There is tremendous scope of growth because we have huge human resource in our country and Insurance industry will make a huge impact in the economic development of the country.
From the left to right: Dr Archana Singh (Faculty Member, NIA);Mr G Srinivasan, Director, NIA; Mr M R Kumar, Chairman, LIC of India; Dr S.C. Khuntia, Chairman, IRDAI; Mr Girija Kumar, CMD, United India; Mr G Satish Raju, CEO, Swiss Re India Branch, Mr Shivprabhat, Chair Professor, Financial Inclusion and Social Security.
During the inaugural function, IRDAI Chairman released the research report carried out by National Insurance Academy on the topic: Micro Insurance – Challenges and Opportunities. While releasing the report, he said that the digital intervention will help the insurance companies in reaching out to poorest of the poor. He also unveiled the Seminar Report containing the research papers on the theme of the seminar.
The seminar had deliberated on the following topics:
1. Embracing New age technologies - Block-chain technology, Internet of Things (IoT), RPA, and Telematics, etc., in Insurance Business,
2. Applications of Artificial Intelligence: Machine Learning and Deep Learning techniques in Insurance.
3. Embracing Digital Innovation in (Re) Insurance Business, and
4. Cyber Security, Cyber Laws and Data Protection-Cyber Insurance.
Dr. S. Doss & Shri. Kishore K. Panda, Faculty members of NIA and the seminar coordinators thanked all the dignitaries for gracing the seminar and making it a wonderful learning experience.