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15th Insurance Summit
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a)     Mr J Hari Narayan, Chairman, Insurance Regulatory Development Authority (IRDA) said that the industry is at a crossroad, “The insurance industry has today reached an inflection point and we can look forward with confidence to a couple of measures brought in to address issues. An exposure draft that we have been working on with industry representatives on the boundary condition of products will hopefully be up by end of week. The new norms will have provisions like swaps and hedges. We have taken baby steps towards risk based solvency. The exposure draft will have some measures and if we move along that route, we can correspondingly have a look at solvency margins. Conceivably it will come down. The point is to think long term and I do hope that 30 years from now we will look back and say that the inflection point was well managed.” 

Referring to performance of the non-life sector, Mr. Narayan said, “The real growth, challenge and opportunity in insurance today lies in the non-life insurance sector in India. The existing insurance companies will have to recast themselves to take advantage of it.”

Mr. Narayan, talked about some radical steps when he said, “To reach the full potential of the industry you need to ask yourself if you will allow agents to work across companies and whether an open architecture is feasible. And shouldn’t we, across companies within the group, share agents.” 

At the same time, he stated that the industry needs to remember its core essentials. “The insurance industry can’t merely be pegged on better return of money. Its core remains the area of protection. Going forward the focus of insurance will move towards protection and annuity provision. And the industry will have to move so that LIC does not remain the only company providing annuity. Other players will have to move into the annuity market and give customers genuine choice,” Mr. Narayan said.

 

b)    Mr. Analjit Singh, Chairman, CII National Committee on Insurance & Pension and Chairman, Max India Ltd. stressed that it is important to remember the three core objectives of the insurance industry i.e. to provide adequate protection, viable and long term saving and employment. He further added, “Currently we are one of the lowest in terms of per capita premium in India which stands at 56 dollars compared to the world average of 364 dollars. We have come a long way compared to a decade back, but the question today is where do we want to be in the next decade and the policies that are needed to go there.” He rated attrition to be a key problem of the industry even in the middle management levels with a very low average income for a life insurance agent. He wondered if retail insurance is the path one needs to take.

 

c)     A CII and Ernst & Young Report titled, “Insurance industry: Challenges, Reforms and Realignment” was released by Mr. J Hari Narayan. The report outlines the current issues and challenges faced by the insurance industry and the steps that could be taken to ensure that the industry achieves its potential.

 

d)      Mr. Sanjiv Bajaj, Co-Chair, CII National Committee on Insurance and Pensions & MD – Bajaj Finserv Limited said, “The action we take today will determine the future of the industry for not just the next few years, but the next few decades. What we need to ask is whether we are really creating quality and products that are understood. When we talk about ‘capital’ we shouldn’t just understand it to be money, but trust and credibility of the players and the industry as a whole. I hope we talk not only about growth but also responsible growth.”

 
Description

Confederation of Indian Industry (CII) organized its flagship event in the insurance domain -15th Insurance Summit on 6 August 2012 at Mumbai.

Mr J Hari Narayan, Chairman, IRDA was the Chief Guest and delivered the Inaugural Keynote Address.

Mr Yogesh Agarwal, Chairman, PFRDA has also addressed at the Summit in an Exclusive Session. Mr S B Mathur, Secretary General, Life Insurance Council and Mr R Chandrasekaran, Secretary General, General Insurance Council has also delivered Special Address at the Summit.

Slated to take a global lead, the Indian Insurance sector characterized by supportive regulations, young consumer segment, wide range of products, technological advancement and increasing household incomes holds immense opportunity for exponential growth. Given its rich hierarchy and latest colossal data suggesting a total market premium growth close to an estimated $100 bn, the insurance industry is all set to boom with ICT oriented tools and platforms and advancing mobile technology now forming the operational model of the industry. The regulatory architecture has played a critical role in boosting the sector over last one decade.

Against this background, the Summit discuss
ed  how calculated regulatory strategies with appropriate phase-ins complimented by industry innovation and initiatives can provide the sector its deserved global position and customer centricity. While focusing on reforms like differentiated approach for licensing of intermediaries, minimum commission structure etc, deliberations at the Summit, now in its 15th edition,  found  out why companies must put a strong emphasis on product innovation, strengthen core product proposition and explore alternate channels of distribution to match consumer requirement and keep up with regulatory changes.

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Knowledge Resources
You will get access to following Knowledge Resources by subscribing to the Digital Library of this event.
 
Chairman 15th Insurance Summit Mr Analjit Singh, Chairman, CII National Committee on Insurance & Pension and Chairman, Max India Ltd delivering Welcome and Introductory Remarks at the Inaugural Session of the 15th Insurance Summit 2012.
Mr Ashvin Parekh, Partner, National Leader-Global Financial Services, Ernst & Young Ltd addressing at the Inaugural Session of the 15th Insurance Summit 2012.
Release of CII-E&Y Report by Chief Guest Mr J Hari Narayan, Chairman, Insurance Regulatory Development Authority at the Inaugural Session of the 15th Insurance Summit 2012.
Mr J Hari Narayan, Chairman, Insurance Regulatory Development Authority delivering keynote address at the Insurance Summit 2012
Indian Insurance Sector - An Open House Discussion
Co-Chairman 15th Insurance Summit Mr Sanjiv Bajaj, Co-Chair, CII National Committee on Insurance and Pension & Managing Director, Bajaj Finserv Limited delivering concluding remarks at the Inaugural Session of the 15th Insurance Summit 2012.
Moderator Mr Govindraj Ethiraj, Columnist, Forbes India delivering opening remarks at the Session I: Strategies for Growth with changed realities in Life Insurance: Key aspects that life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr Sudhin Roy Chowdhury, Member-Life, Insurance Regulatory and Development Authority delivering special address at the Session I: Strategies for Growth with changed realities in Life Insurance: Key aspects that life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr Rajesh Sud, Managing Director & CEO, Max Life Insurance Co. Ltd addressing at the Session I: Strategies for Growth with changed realities in Life Insurance: Key aspects that life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr S B Mathur, Secretary General, Life Insurance Council addressing at the Session I: Strategies for Growth with changed realities in Life Insurance: Key aspects that life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr John Holden, Chief Executive Officer, Canara HSBC Oriental Life Insurance Company Limited addressing at the Session I: Strategies for Growth with changed realities in Life Insurance: Key aspects that life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr Jayant Dua, Managing Director, Birla Sun Life Insurance Company Ltd addressing at the Session I: Strategies for Growth with changed realities in Life Insurance: Key aspects that life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Discussions and Closing Remarks by Moderator Mr Govindraj Ethiraj, Columnist, Forbes India at the Session I: Strategies for Growth with changed realities in Life Insurance: Key aspects that life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Moderator Mr Tamal Bandopadhyay, Deputy Managing Editor, Mint delivering opening remarks at the Session II: Next Generation reforms in Non-Life Insurance: Key aspects that non-life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr Bhargav Dasgupta, Managing Director & CEO, ICICI Lombard General Insurance Co. Ltd addressing at the Session II: Next Generation reforms in Non-Life Insurance: Key aspects that non-life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr Tapan Singhel, Managing Director & CEO, Bajaj Allianz General Insurance Company Ltd addressing at the Session II: Next Generation reforms in Non-Life Insurance: Key aspects that non-life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr Sanjiv Bajaj, Managing Director, Bajaj Capital Limited addressing at the Session II: Next Generation reforms in Non-Life Insurance: Key aspects that non-life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr Mathew Verghese, Executive Director, Shriram Capital Ltd addressing at the Session II: Next Generation reforms in Non-Life Insurance: Key aspects that non-life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Mr R Chandrasekaran, Secretary General, General Insurance Council addressing at the Session II: Next Generation reforms in Non-Life Insurance: Key aspects that non-life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Discussions and Closing Remarks by Session Chair & Moderator Mr Tamal Bandopadhyay, Deputy Managing Editor, Mint at the Session II: Next Generation reforms in Non-Life Insurance: Key aspects that non-life insurance industry, regulator & Govt. should aim for growth? of the 15th Insurance Summit 2012.
Moderator Mr Ashvin Parekh, Partner, National Leader-Global Financial Services, Ernst & Young Ltd delivering opening remarks at the Session III: Health Insurance-Orderly development and growth of a fast emerging viable segment of the 15th Insurance Summit 2012.
Mr Sandeep Patel, CEO & Managing Director, CignaTTK Health Insurance Company Ltd addressing at the Session III: Health Insurance-Orderly development and growth of a fast emerging viable segment of the 15th Insurance Summit 2012.
Mr Joydeep Roy, Chief Executive Officer & Wholetime Director, L & T General Insurance Company Ltd addressing at the Session III: Health Insurance-Orderly development and growth of a fast emerging viable segment of the 15th Insurance Summit 2012.
Mr Gagan Bhalla, Director, Development, Max Bupa Health Insurance Company Ltd addressing at the Session III: Health Insurance-Orderly development and growth of a fast emerging viable segment of the 15th Insurance Summit 2012.
Mr Sanjay Kedia, Country Head & CEO, Marsh India Insurance Brokers Pvt. Ltd addressing at the Session III: Health Insurance-Orderly development and growth of a fast emerging viable segment of the 15th Insurance Summit 2012.
Mr R Krishnamurthy, Managing Director, Towers Watson addressing at the Session III: Health Insurance-Orderly development and growth of a fast emerging viable segment of the 15th Insurance Summit 2012.
Discussions and Closing Remarks by Moderator Mr Ashvin Parekh, Partner, National Leader-Global Financial Services, Ernst & Young Ltd at the Session III: Health Insurance-Orderly development and growth of a fast emerging viable segment of the 15th Insurance Summit 2012.
Moderator Mr Analjit Singh, Chairman, CII National Committee on Insurance & Pension and Chairman, Max India Ltd delivering opening remarks at the "special session with Mr Yogesh Agarwal, Chairman, PFRDA" of the 15th Insurance Summit 2012.
Mr Yogesh Agarwal, Chairman, Pension Fund Regulatory and Development Authority addressing at the special session of the 15th Insurance Summit 2012.
Mr Analjit Singh and Mr Yogesh Agarwal at an open house discussion at the special session of the 15th Insurance Summit 2012.
Chairman 15th Insurance Summit Mr Analjit Singh, Chairman, CII National Committee on Insurance & Pension and Chairman, Max India Ltd delivering opening remarks at the Valedictory Session of the 15th Insurance Summit 2012.
Mr Ashvin Parekh, Partner, National Leader-Global Financial Services, Ernst & Young Ltd addressing at the Valedictory Session of the 15th Insurance Summit 2012.
Co-Chairman 15th Insurance Summit Mr Sanjiv Bajaj, Co-Chair, CII National Committee on Insurance and Pension & Managing Director, Bajaj Finserv Limited delivering concluding remarks at the Valedictory Session of the 15th Insurance Summit 2012.
 
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