The 1st Annual Insurance India Summit 2016 was conducted by Quest conferences which aimed at having robust and key focused area discussions and knowledge sharing on the key challenges and opportunities by bringing together the entire ecosystem of the Insurance Industry in India.
CAMSRep Chief Executive Officer, Mr. Ramanan S V recently was invited as moderator at Insurance India Summit 2016.
Mr. Ramanan moderated the session on challenges and opportunities in the General insurance industry. The panel member discussed on how to enhance market penetration by product pricing, innovation & product simplicity which may help to mitigate the roadblocks to growth. The summit was attended by Entrepreneurs, CEOs, CXOs, CTOs, Senior and Middle Managers, Brokers, third party administrator and Consultants in Insurance Industry.
Swaraj Krishnan, Managing Director and Chief Executive Officer, Magma HDI General Insurance
K Sanath Kumar, Chairman and Managing Director, National Insurance Co Ltd.
Eswar Natarajan, Chief Operating Officer, Kotak General Insurance
Key Points which were discussed:
- Challenges and opportunities in the General insurance industry
- Key growth factors
- How to enhance market penetration
- Roadblocks to growth and mitigation of the same
- Product pricing, innovation and product simplicity
- Sustainability and commercial viability of General insurance products
- What does the customer want? Customer retention, customer loyalty, customer experience
- Micro insurance in Non-life widening reach
- CEO take home advice
Insurance Industry overview
India is the 15th largest insurance market in terms of premium volume. Despite being 2nd most populous country, India accounts for only 1.5% of World insurance premiums and 2% of World life insurance premiums. Market penetration in Insurance in India is still low.
India’s insurable population is expected to touch 750 million by 2020.India’s life insurance sector being the largest in the world in terms of policies is growing at a rate of12-15% annually over the next five years. Current size with 60 billion USD, it is set to quadruple to160 billion by 2025.
General Insurance market in India is 11.7 billion and is growing at a rate of 17 % annually. India has opened the Insurance sector to Foreign Direct Investment, currently pegged at 49 %.Premium collected by Indian insurers is just 3.90 % of the GDP as per 2013-14 data. Per capita premium underwritten is USD 52 as of 2013-14.
CAMSRep, as an Insurance Repository opens unique eInsurance Accounts (eIA) for policy holders, who then can hold all their policies in electronic form, under a single account – very similar to how investors hold ‘dematerialized’ shares in depository accounts or ‘dematerialized’ mutual fund units in electronic folios. Electronic policies will be convenient and safe, eliminating paper and associated risks of storage and loss.
CAMSRep also acts as a single point of service for all ePolicies held by a policy holder, making it convenient for policy holders to get service on demand – policy holders don’t really need to go to multiple agents or insurance companies for their service requirements in respect of each of their ePolicies
Apart from repository services, CAMSRep also provides outsourcing services to multiple Insurance Companies in accordance with IRDAI regulations. We serve some of the biggest and most reputed Insurance Companies among our clients and our service excellence has helped our clients to deliver superior service to their customers, delighting them in the process.