The Indian insurance sector is relatively underpenetrated, yet to reach its full potential. At present, the country makes up for a meager 1.5 per cent of the world’s total insurance premiums in spite of its teeming population.
While prevailing Government policies aim to take insurance penetration in the country to the next level with initiatives such as the campaign to digitize insurance policies, private Indian insurance players are also exploring various ways to engage and enroll the uninsured and the underinsured.
Creating a forum for discussion, BW Businessworld recently organized the BW Businessworld Life Insurance Summit 2017, on 26th April at Trident Mumbai, bringing together industry veterans, thought leaders and prominent officeholders from across the Indian Insurance sector.
Among the prime highlights of the summit was a panel discussion strategically titled “Into the Future of Life Insurance Distribution”. Moderated by Dr. Anjana Grewal, Director – Centers of Excellence, MISB Bocconi – Bocconi India, the discussion saw panelists sharing their ideas and views on the role and impact of technology in approaching and optimizing the scope of life insurance distribution, on the requirement to ensure a healthy premium mix and the role of aggregators in the next phase of distribution.
In this line of discussion, Mr. SV Ramanan, CEO, CAMS Insurance Repository, highlighted the growing necessity to reinvent insurance in a digital avatar at all stages, from sales to claims. He also reiterated how important it is in the digital world for back-end processes to keep pace with the sales process. If otherwise, it would be no different from running a BMW series 5 with an 800 engine, he observed.
“The role of IR is to enable the back end process in such a way that it can be handled in a seamless digital environment. This would ensure good customer experience”, he remarked.
The discussion panel also comprised
Mr. Alok Bhatnagar, CEO & Principal Officer, EasyPolicy
Mr. Mahavir Chopra, Director, CoverFox
Mr. Adit Parekh, Principal, Blume Ventures
Mr. Manik Nangia, Director & CDO, Max Life
Other eminent guests at the event included –
Mr. V. Manickam, Secretary, Life Insurance Council
Mr. Yashish Dahiya Co-Founder & CEO, PolicyBazaar
Mr. Ashish Vohra, CEO, Reliance Nippon Life Insurance
Mr. Rohit Kumar Sharma, Country Manager, Financial Services Sector, IBM
Mr. Sushobhan Sarker Director, National Insurance Academy (NIA)
Mr. Girish Malik, Director, Insurance Brokers Association of India
Mr. Vighnesh Shahane, CEO, IDBI Federal Life Insurance
Mr. Deepak Mittal, MD & CEO, Edelweiss Tokio Life
CAMS Insurance Repository Services Ltd (CAMSRep), a subsidiary of CAMS, is one of the major Insurance Repositories in India Licensed by Insurance Regulatory and Development Authority of India (IRDAI). CAMSRep, as an Insurance Repository opens unique eInsurance Accounts (eIA) for policy holders,which in essence are convenient, safe and relatively risk-free electronic policies. CAMSRep also acts as a single point of service for all ePolicies held by a policy holder. Apart from repository services, CAMSRep also provides outsourcing services to multiple Insurance Companies in accordance with IRDAI regulations.