For the insurance industry to evolve, it needs to cater to the needs of the digitised population. Of late, insurers have derived growth mainly by improvising product offerings as per people’s aspirations, adopting vibrant distribution channels and reaching out to potential customers through targeted promotional activities. Some of the factors expected to propel the growth of this industry are the ever-growing middle class, expanding working age population and increasing disposable income levels. Additionally, the Government of India’s initiatives that work towards attaining financial inclusion are expected to further offer support for this growth.
Given the increased focus on the customer, the “2nd Annual Insurance India Summit and Awards, 2017” held in Mumbai served as a platform for industry stakeholders to discuss how they can realize the potential of the sector in the digital age. The theme for this summit was “Future crafting the Insurance Industry” which covered several themes including:
- The ongoing changes in the 3C’s of the insurance industry – cost, customer and competitors
- Consumer values
- Technological disruptions
These points of discussion were evaluated from the insurance industry’s perspective to help key players build operational excellence and work towards developing new products.
A key highlight at the event was a panel discussion on “The power of creating your own market-marketing and innovation, when two worlds collide”, moderated by Mr. S V Ramanan, CEO, CAMSRep. The eminent panellists discussed a wide spectrum of topics such as
- Having a digital marketing presence that sells
- How to make competition irrelevant – rethinking marketing strategy
- Increasing investments in technology and digitization to create a harmonious ecosystem for all stakeholders
- Evolution of business from survive to thrive in a disruptive marketplace
The panel comprised distinguished industry experts such as Shalabh Saxena, Chief Operating Officer, Canara HSBC Oriental Bank of Commerce Life Insurance, Gunjan Ghai, Senior Vice President – Brand & Marketing and Product Development, SBI General Insurance, Anamika Roy Rashtrawar, Senior President, Bajaj Allianz General Insurance, Ashish Rao, SVP & Head – Customer Service, ICICI Prudential Life Insurance and Mr. S. V. Ramanan, CEO & MD, CAMSRep who moderated the discussion.
Other prominent guests at this event included:
- Vinit Goenka, CMO & CRIS Centre for Railway Head – Digital Information System
- K Sanath Kumar, CMD, National Insurance Company
- Tapan Singhei, MD & CEO, Bajaj Allianz General Insurance
- Ashish Mehrotra, MD & CEO, Max Bupa Health Insurance
- Krishnan Chatterjee, Head of Marketing, SAP Indian Subcontinent
CAMSRep is an Insurance Repository that helps policy holders open unique eInsurance Accounts (eIA), letting them hold all their policies in electronic form, under a single account. Electronic policies are convenient and safe, eliminating the risk of damage and loss of documents.
CAMSRep also acts as a single point of service for all ePolicies held by a policy holder, making it convenient 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 to 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 leaders in the insurance industry and our service excellence has helped our clients deliver superior service to their customers.