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14th CII Insurance Summit:"Securing the Unsecured: Opportunities and Challenges"
 

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.

Speakers
 
Mr Sanjiv Bajaj, BAJAJ FINSERV LTD, Managing Director & CEO
Mr Bhargav Dasgupta, ICICI LOMBARD GENERAL INSURANCE CO LTD, Managing Director & Chief Executive Officer
Mr Jayant Dua, BIRLA SUN LIFE INSURANCE CO LTD, Managing Director & CEO
Mr Ranjit Gupta, BAJAJ FINSERV LTD, President ( insurance)
Mr Antony Jacob, APOLLO DKV INSURANCE COMPANY LTD, Chief Executive Officer
Dr Damien Marmion, MAX BUPA HEALTH INSURANCE COMPANY LTD, Chief Executive Officer
Mr S B Mathur, LIFE INSURANCE COUNCIL, Secretary General
Dr P Nandagopal, INDIA FIRST LIFE INSURANCE COMPANY LTD, Managing Director & CEO
Mr J Hari Narayan, IRDA, Chairman
Mr Amitabh Chaudhry, HDFC STANDARD LIFE INSURANCE CO LTD, Managing Director & Chief Executive Officer
Mr Ashvin Parekh, ERNST & YOUNG PVT LTD, Partner – National Industry Leader (Global Financial Services)
Mr Rajesh Relan, METLIFE INDIA INSURANCE CO LTD, Managing Director
Mr Joydeep Roy, L&T GENERAL INSURANCE COMPANY LIMITED, CEO
Mr Deepak Sood, FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LTD, MD & CEO
Mr G Srinivasan, UNITED INDIA INSURANCE CO LTD, Chairman cum Managing Director
Mr Rajesh Sud, MAX LIFE INSURANCE COMPANY LTD, CEO & Managing Director
Description

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.



 

 

Knowledge Resources
You will get access to following Knowledge Resources by subscribing to the Digital Library of this event.
 
Welcome remarks by Mr Sanjiv Bajaj, MD, Bajaj Finserv Ltd at the inaugural session of the 14th Insurance Summit 2011
Securing the Unsecured - A perspective by Mr Ashvin Parekh, Partner, National Leader - Global Financial Services, Ernst & Young Ltd
Mr S B Mathur, Secretary General, Life Insurance Council addressing at the Inaugural Session of the 14th Insurance Summit 2011.
Release of the CII-E&Y Report on "Securing the Unsecured: Developing Micro Insurance Markets"
Mr J Hari Narayan, Chairman, IRDA delivering keynote address at the 14th Insurance Summit 2011
Insurance Industry - An Open House Discussion
Mr Sanjiv Bajaj, Co-Chair, CII National Committee on Insurance and Pensions & Managing Director, Bajaj Finserv Limited delivering concluding remarks at the Inaugural Session of the 14th Insurance Summit 2011.
Chair & Moderator Mr S B Mathur, Secretary General, Life Insurance Council delivering opening remarks at the Session I: "The Next Growth Curve Expanding Micro-Insurance, Health and Pension Market: Opportunities" of the 14th Insurance Summit 2011.
Mr Rajesh Sud, Managing Director & CEO, Max New York Life Insurance Co Ltd addressing at the Session I: "The Next Growth Curve Expanding Micro-Insurance, Health and Pension Market: Opportunities" of the 14th Insurance Summit 2011.
Mr Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance Company Ltd addressing at the Session I: "The Next Growth Curve Expanding Micro-Insurance, Health and Pension Market: Opportunities" of the 14th Insurance Summit 2011.
Mr Ranjit Gupta, President (Insurance), Bajaj Finserv addressing at the Session I: "The Next Growth Curve Expanding Micro-Insurance, Health and Pension Market: Opportunities" of the 14th Insurance Summit 2011.
The Next Growth Curve Expanding Micro-Insurance, Health and Pension Market: Opportunities - An Open House Discussion
Session Moderator Mr Samir Bali, Partner - Advisory Services, Ernst & Young India delivering opening remarks at the Session II: "Rethinking Products Development - Innovation for Low Income Markets" of the 14th Insurance Summit 2011.
Mr Joydeep Roy, Chief Executive, L & T General Insurance Company Limited addressing at the Session II: "Rethinking Products Development - Innovation for Low Income Markets" of the 14th Insurance Summit 2011.
Mr Damien Marmion, Chief Executive Officer, Max Bupa Health Insurance Co Ltd addressing at the Session II: "Rethinking Products Development - Innovation for Low Income Markets" of the 14th Insurance Summit 2011.
Mr Jayant Dua, Managing Director & CEO, Birla Sun Life Insurance Company addressing at the Session II: "Rethinking Products Development - Innovation for Low Income Markets" of the 14th Insurance Summit 2011.
Mr Rajgopalan Krishnamurthy, Managing Director, Towers Watson addressing at the Session II: "Rethinking Products Development - Innovation for Low Income Markets" of the 14th Insurance Summit 2011.
Rethinking Insurance Products Development - Innovation for Low Income Markets - An Open House Discussion
Session Moderator Mr Samir Bali, Partner-Advisory Services, Ernst & Young India delivering concluding remarks at the Session II: "Rethinking Products Development - Innovation for Low Income Markets" of the 14th Insurance Summit 2011.
Session Moderator Mr Rajesh Sud, Managing Director & CEO, Max New York Life Insurance Co Ltd delivering opening remarks at the Session III: "Rethinking Distribution Models - Effective Low Cost Delivery Mechanism" of the 14th Insurance Summit 2011.
Mr Rajesh Relan, Managing Director, Metlife India Insurance Co Ltd addressing at the Session III: "Rethinking Distribution Models - Effective Low Cost Delivery Mechanism" of the 14th Insurance Summit 2011.
Mr Paresh Parasnis, Chief Operating Officer, HDFC Standard Life Insurance Company Ltd addressing at the Session III: "Rethinking Distribution Models - Effective Low Cost Delivery Mechanism" of the 14th Insurance Summit 2011.
Mr Sanjiv Bajaj, Managing Director, Bajaj Capital Limited addressing at the Session III: "Rethinking Distribution Models - Effective Low Cost Delivery Mechanism" of the 14th Insurance Summit 2011.
Mr Dewang Neralla, Director & CEO, Atom Technologies addressing at the Session III: "Rethinking Distribution Models - Effective Low Cost Delivery Mechanism" of the 14th Insurance Summit 2011.
Mr Deepak Sood, Managing Director & CEO, Future Generali India Life Insurance Company Ltd addressing at the Session III: "Rethinking Distribution Models - Effective Low Cost Delivery Mechanism" of the 14th Insurance Summit 2011.
Rethinking Insurance Distribution Models - Effective Low Cost Delivery Mechanism - An Open House Discussion
Session Moderator Mr Rajesh Sud, Managing Director & CEO, Max New York Life Insurance Co Ltd delivering concluding remarks at the Session III: "Rethinking Distribution Models - Effective Low Cost Delivery Mechanism" of the 14th Insurance Summit 2011.
Moderator Mr Ashvin Parekh, Partner, National Leader-Global Financial Services, Ernst & Young Ltd delivering opening remarks at the Valedictory Session: "Integrated Financial Services and Comprehensive Risk Products" of the 14th Insurance Summit 2011.
Mr G Srinivasan, Chairman and Managing Director, United India Insurance Co Ltd addressing at the Valedictory Session: "Integrated Financial Services and Comprehensive Risk Products" of the 14th Insurance Summit 2011.
Mr Bhargav Dasgupta, Managing Director & CEO, ICICI Lombard General Insurance Co Ltd addressing at the Valedictory Session: "Integrated Financial Services and Comprehensive Risk Products" of the 14th Insurance Summit 2011.
Dr P Nandagopal, Managing Director & CEO, India First Life Insurance Company Ltd addressing at the Valedictory Session: "Integrated Financial Services and Comprehensive Risk Products" of the 14th Insurance Summit 2011.
Integrated Financial Services and Comprehensive Risk Products - An Open House Discussion
Session Moderator, Mr Ashvin Parekh, Partner, National Leader - Global Financial Services, Ernst & Young Ltd delivering concluding remarks at the Valedictory Session: "Integrated Financial Services and Comprehensive Risk Products" of the 14th Insurance Summit 2011.
 
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