The National Insurance Academy (NIA) in Pune hosted the Silver Jubilee Celebrations of the Annual C D Deshmukh Memorial Seminar at the Prathap Oburai Convention Centre, Baner Pune on the 16th of January, 2024. The event, themed “The 2047 Clarion Call: Insurance for All,” witnessed engaging discussions on Technological Integration, Insurance issues, and Innovative Disruption.
The Plenary Session, led by Director Dr. Tarun Agarwal, focused on the theme “The 2047 Clarion Call: Insurance for All,” featuring dignitaries Sri Siddhartha Mohanty, Chairperson LIC of India, Chairman NIA Governing Board, Sri Nilesh Sathe, Ex-Member Life, IRDAI, and Sri B.C. Patnaik, Member Life, IRDAI.
While providing insightful thoughts Mr. Siddharth Mohanty, Chairperson, LIC of India said, “In the pursuit of India’s economic resurgence post-pandemic, our vision is anchored in visionary leadership. We are committing to reaching India’s 5 trillion mark. The focus is on extending insurance coverage to all, especially the poor, as a crucial component of financial inclusion. The essence lies in extending insurance coverage ubiquitously, with a special focus on the economically vulnerable, thereby fortifying the bedrock of financial inclusion. Our biggest challenge as we navigate the post-nationalization scenario is to offer broad coverage to India’s enormous 1.4 billion population. This calls for tackling the complex issues brought about by the continued gaps between the urban and rural domains, increased urbanization, and infrastructure development. To close the huge coverage gap, I support the development of affordable, flexible insurance products. A new era in the sector can be brought about by using revolutionary models like JAM and Bima Vahak and utilizing technology in underwriting & claim settlement processes . Innovation is essential, especially when it comes to responding to environmental hazards and recurrent calamities.”
Further, he added, “Insurers must embrace data analytics and artificial intelligence to take advantage of new prospects and move away from the prevailing ‘chaltaa hai’ culture and towards a culture of continuous growth. He laid emphasis on an innovative GPT: Growth, Penetration and Technology. Building trust through efficient governance is essential to launching the insurance sector on a growth and technological innovation trajectory”. He went on to say that we need to place ‘purpose before profit’ in our pursuit to render insurance coverage.
Three Panel Discussions followed:
- Technological Integration for Life Insurance Penetration
- Insurance issues and opportunities in the Silver Economy
- Innovative Disruption for Customer Engagement
While sharing his enthusiasm Dr. Tarun Agarwal, Director, of the National Insurance Academy, said, “As we celebrate our Silver Jubilee at the C D Deshmukh Memorial Seminar, it’s not just a milestone; it’s a dynamic journey towards revolutionizing insurance. The sparks of innovation, the fervor of discussions, and the energy of shared insights echo our relentless pursuit of a future where insurance transcends boundaries. With each seminar, we forge a path towards a jubilant tomorrow, where ‘Insurance for All’ is not just a goal but a jubilant reality, touching lives and securing futures.”
He added, “The idea of ‘Insurance for All’ is like what India’s first RBI governor believed in – making sure everyone can be a part of the financial activities. Having insurance is not just a goal; it’s a way for everyone to have a safe and secured future. To materialise the vision for 2047, we need new and smart ways of offering insurance that help everyone. And to make sure more people understand and use insurance, we have to educate and make people aware of how it works.”
The Seminar focused on the idea of “Insurance for All,” inspired by India’s first RBI Governor, Sir Chintaman Dwarkanath Deshmukh, who believed in including everyone in financial matters. Getting insurance is not just a goal but a way to make sure everyone has a safe and prosperous future. The foundation for making insurance available to more people is something that is so very essential and it is very much a possibility with the burgeoning Middle Class and the various Market Reforms that are happening at a fast pace. Insurers need to use data and technology, like AI, to find more growth opportunities instead of clinging on to old ways. It’s also important for them to build trust by being well-governed, so the insurance industry can become more advanced and grow and ‘Product Simplification’ is the key to connect well to the customer by way of adding value to the end-user.
Eminent speakers shared visionary thoughts, aligning with the aim of total insurance coverage by 2047. Moderators and panelists included Dr. NKV Roop Kumar, Sri N Jagannath, Sri Rajiv Gupta, Sri Vinay Kumar Sankarapu, Sri Vivek Srivastava, Sri Nilesh Sathe, Sri Dinesh Pant, Sri Supratim Bandyopadhyay, Sri Bikash Choudhary, and Sri S. V. Sunder Krishnan.
The seminar garnered active participation from over 200 delegates. Sri Barun Kumar Khan, an NIA Faculty Member, expressed pride in NIA’s heritage and acknowledged the unwavering support of LIC of India for the C D Deshmukh Seminar.
The session received appreciation for the value-added inputs by industry stalwarts and concluded on an optimistic note about the vision for “Insurance for All” being fulfilled by 2047.