The CII Insurance Conference
New Age Insurers are Technology and Data driven
The insurance industry is going through a disruption age changing both Indian & global landscape. Digital disruption allows business models to move simultaneously on three dimensions to offer completely new business models – new product, lower price and better customer satisfaction – or alternatively cheaper, better and highly intimate customer experience.
The three main reasons for a big bang disruption in the insurance industry:
1. Customer trends like price comparison technology, mobile internet transactions, social media collaboration, channel integration are forcing Insurance companies play differently to stay head of the competition.
2. Digital models have less friction and offer straightforward convenience/value/product propositions for a customer and hence there is a need to adopt digital transformation. Traditional strategies that suggest focusing on only one of the dimensions (new product, lower price, better customer experience) simply no longer apply.
3. Information is increasingly the last source of competitive advantage – and insurers need to take advantage of this to create new models like aggregator partnerships etc.
If insurers are making decisions on digital capabilities with an “operating cost” mindset when others are treating it as an investment then they are at a handicap before even starting to prepare the business case. And from an insurance perspective it is important to take into account the possibility that non insurance companies with strong digital capital may be better placed to redefine insurance than the incumbents.
Institutionalizing the Conference
The banking and financial sector has its capital in Mumbai, however, we intend to position the conference as a marquee product in North India which brings together Thought Leaders from the spheres of Banking & Financial Services sector; Government; Industry; Academia to brainstorm the new opportunities for growth and challenges and the Summit also acts as a Platform to share the best in the business for the benefit of the larger audience. The Confederation of Indian Industry, Northern Region, is looking at institutionalizing the platform in form of an annual event which also acts as a bouncing board for all key stakeholders.
We intend to building the CII NR Insurance Conference as the most awaited discussion platform on financial sector in North India.
- Senior to Middle level management professionals from Industry (open to both CII members and non-members)
- Professionals from Banking; Insurance; Financial services & allied sectors.