a)     Mr. J Hari Narayan, Chairman, IRDA observed that Indian insurance industry is quite young and still evolving. He viewed that in the last couple of years, pension products are on increase but these need to be defined aptly as often they are more of a financial accumulation product and also highlighted the importance of increasing the penetration of micro insurance products through continuous engagement and going beyond mere numbers.

b)     Mr. Ashvin Parekh, Partner, National Leader-Global Financial Services, Ernst & Young Ltd, stated that across the years a lot of attention has been devoted to the investors but equally important are the areas of product designing and distribution. He also highlighted that savings and low maturity products are gaining popularity and the rising trend in interest rates are a major concern.

c)     Mr. S B Mathur, Secretary General, Life Insurance Council acknowledged the efforts of the regulator towards promoting the insurance industry and bringing up a host of good regulations. He also highlighted that DTC needs a review given that it is based in the older tax regime where insurance and mutual fund products overlapped.

d)      Mr. Sanjiv Bajaj, Co-Chair, CII National Committee on Insurance and Pensions & Managing Director, Bajaj Finserv Limited commented that Indian insurance industry needs to go beyond the mandatory requirements and in the process requires to innovate. He stated that the industry is facing regulatory challenges and awaits a clear regulatory path which involves all the stake holders, viz. customers, shareholders and companies, to progress ahead. Mr Bajaj also touched upon other issues like the Direct Tax Code (DTC), 2010 and the distribution challenges and alluded that the Industry needs the right tax laws to support the sector and the regulator.

In the past decade India has witnessed accelerated economic growth and emerged as a global player with the world’s fourth largest economy in purchasing power parity terms. India’s integration into the global economy has been accompanied by impressive economic growth that has brought significant economic and social benefits to the country. Nevertheless, disparities in income and human development are on the rise. A large section of the population - especially the poor lack access to the resources and opportunities needed to reap the benefits of economic growth. The government needs to expedite policies to achieve rapid inclusive growth addressing both cyclical and structural impediments to growth.

The Indian economy is expected to be the third largest economy after China and United States by 2020 with a share of 5.8% of world GDP in PPP terms. It is expected to grow at an average rate of 8-9%. The sustainability of the strong projected growth hinges on multiple factors and participation of all sectors. Economic growth also has to generate employment, reduce poverty and reduce the rural-urban divide. India lags behind the developed countries in several other dimensions like education and health. Overcoming these challenges will require sustained economic reforms. Aspects like fiscal discipline, deficit reduction, and increasing expenditure in the areas of health, education and infrastructure, expediting financial reforms and introducing agricultural reforms will be critical for growth.

The rural economy has been driven by agriculture, which contributed 14.6% of the country's GDP in 2010–11[2]. Agriculture also provides employment to a vast majority of the rural workforce. In the first half of 2010-11, the farm sector achieved growth of 3.8%, and the full-year growth in this sector was estimated at 5.4%. The sector recorded the lowest growth in five years, at 0.2 per cent, in 2009-10 due to widespread drought. The sector had grown by 1.6 per cent in the previous fiscal.

Indian insurance industry has contributed to economic growth in terms of bringing in long term investments, the larger cause of financial inclusion calls for structural changes in insurance distribution models, Products Service & Innovation and large scale financial literacy drives.

The Conference had plenary sessions covering:

a)     The Next Growth Curve Expanding Micro-Insurance, Health and Pension Market: Opportunities

b)    Rethinking Products Development-Innovation for Low Income Markets

c)     Rethinking Distribution Models-Effective Low Cost Delivery Mechanism

d)    Integrated Financial Services and Comprehensive Risk Products

The well attended conference attracted speakers of National repute. Some of the eminent speakers were from Bajaj Finserv Limited, Ernst & Young Ltd, IRDA, Max New York Life Insurance Co. Ltd, Apollo Munich Health Insurance Company Ltd, L & T General Insurance Company Limited, Birla Sun Life Insurance Company, Towers Watson, Metlife India Insurance Co. Ltd, Future Generali India Life Insurance Company Ltd, United India Insurance Co. Ltd, ICICI Lombard General Insurance Co. Ltd and India First Life Insurance Company Ltd.

Bajaj Allianz , Birla Sun Life Insurance  and L&T Insurance  were the sponsors of the conference.