The Economic Times joined hands with SBI Life to present the 3rd Economic Times Insurance Summit’. The Economic Times recognizes the significance of the Insurance sector due to increased contribution in the GDP and understands that development of this sector is crucial if India has to witness sustained social and economic development.
Arijit Basu, CEO of SBI Life, present at the event was quoted as saying, “We can use analytics to design products, and if the regulator is to look at what can be permitted, they will do so by keeping consumer interests in mind. We are sitting on a humongous amount of data, but we are not able to use it in the best possible manner other than for taking risk decisions. But the regulator and industry must work together to better leverage this data”.
There are various sections where India leads but the main lag is where there is missing penetration in the market and education of insurance policies at the grass roots level, which results in lack of micro-strategizing. Mrs. R M Vishakha, MD & CEO of IndiaFirst Life Insurance, shared her views on it stating, “There is still a huge percentage of Indians that rely on external advices and are not self-advised, unlike the West. There is surely an improvement and we are gradually moving ahead reaching the global standards”.
The summit focused not only on the dependability of insurance, but also the digital innovation that has been the catalyst for customer revolution, offering opportunities to develop greater customer engagement, insight and experience to meet customer needs more effectively.
Technology is disrupting many existing business models, and likewise has a significant impact on the insurance industry as well. Digital is not about incorporating technologies into the organization, but reinventing the insurance organization, its culture to drive innovation, to drive change, to drive the business into the next generation.
Kalpana Sampat, MD, Swiss Re Services, being a part of the panel discussion added, “The services provided need to get digitized to reach out to more people and going down the route of technology is not a roadblock, but a way ahead for growth of this industry”.
A parallel discussion on general & life insurance raised interesting points of analysis talking about the current crises and the new methodologies to overcome them.
Mr. Anuj Gulati, CEO, Religare Health Insurance, being a part of the discussion shared his views about general insurance adding, “The awareness of such polices is slowly increasing, but with the dependability of technology & telematics, we can catapult the growth of this industry significantly”.
Deepak Lamba, President, Times Strategic Solutions Ltd., shared his views on the summit by talking about how technology and the sector of insurance can go hand in hand, thus creating a clearer path for the future policies in India. His ideology on changing the global face of the policies with disruptive changes in the current scenarios of private insurances impacted the crowd with a new perspective to head towards.