Dun & Bradstreet, the world’s leading provider of global business information, knowledge and insight; in association with New India Assurance as the title partner organized the 4th‘Insurance Summit’. The event revolves around ‘Transforming the Insurance Industry in Today’s Digital Age & Evolving Customer Dynamics’.
The Insurance Summit highlighted the overall insurance sector’s (both life & general), need for product innovation & changing dynamics of the distribution model due to digital transformation. Digital distribution is also facilitating access to a rich source of data about customers as well as their behavior – thereby offering valuable pearls of information when infused with analytical tools. Such deeper understanding of customers’ needs and behaviors is being increasingly used by global insurers for refining their offering, product designs, pricing and sales. The forum also deliberated on the role of underwriters, the significance to move towards technical pricing model and increase market penetration which will eventually contribute towards growth & development.
Mr. Manish Sinha, Managing Director – India, Dun & Bradstreet in his opening remarks said “Insurance is one financial services product where there is truly a 100% need. However, India is a real laggard in this regard: the 3rd largest economy in terms of PPP is ranked 41st in insurance penetration and 76th in terms of insurance density! This underlying opportunity needs to be tapped through new-age means: micro segmentation followed by digital real time application and increased rates of straight-through-processing
“The proliferation of new technologies and digital interfaces has revolutionized the way in which customers buy and consume insurance products. The GI industry per se will benefit manifolds from digital advances like AI, Big Data & IoT to name a few. Reliance General Insurance constantly strives to exploit and engage these emerging technologies for imparting a world class customer experience” said Mr. Rakesh Jain, CEO, Reliance General Insurance Co. Ltd., in the panel discussion.
Mr. G. Srinivasan, Chairman and Managing Director, The New India Assurance Co. Ltd. and Mr. B Venugopal, Managing Director, Life Insurance Corporation of Indiaexpressed their insights on transforming the insurance industry to enhance the consumer experience in digital age.
Mr. K Sanath Kumar, Chairman and Managing Director, National Insurance Co. Ltd. said “Dun & Bradstreet has been conducting the Annual Insurance Summit, quite regularly. Each event has been delivering new set of perspectives and discussion points to the industry and, therefore captains of the industry have been quite keen to attend this. I have found out the discussions erudite and Industry contacts and deliberations quite sumptuous”.
The summit concluded with the panel discussion Mr. Ashish Mehrotra, MD& CEO, Max Bupa Health Insurance Co. Ltd.; Dr. J S Dahiya, GM, United India Insurance Co. Ltd.; Mr. Girish Kulkarni, MD &CEO, Star Union Dai-ichi Life Insurance Co. Ltd.; Mr. Mayank Bathwal, CEO, Aditya Birla Health Insurance Co. Ltd.; Mr. Vijay Sinha, MD & CEO, DHFL General Insurance Ltd. and Mr. Upendra Namburi, Chief Innovation & Marketing Officer, Bharti AXA General Insurance Co. Ltd.