Press Note International Seminar On Digital Disruption

Press Note: Seminar on “Digital Disruption: Embracing digital
innovation in (Re) Insurance Business
National Insurance Academy in collaboration with Swiss re, has

organized the second international seminar on the topic of “Digital
Disruption: Embracing digital innovation in (Re) Insurance Business
on 7th February 2020 at Hotel Trident, Mumbai.
Dr. Subhash C. Khuntia, Chairman, IRDAI, Mr. M.R. Kumar,

Chairman, LIC of India, Mr Girija Kumar, CMD, United India
Insurance, Mr. G. Srinivasan, Director NIA, and Mr. G. Satish
Raju, CEO, Swiss Re (India Branch) were the inaugural speakers, plus
other eminent speakers from Asian region are also deliberated at the
seminar. More than 350 delegates comprising of insurance executives,
risk managers, brokers, including the CEO’s and the senior executives
of insurance companies in Asian regions have participated in this
seminar.
Dr. Subhash C. Khuntia, Chairman, IRDAI inaugurating the seminar by lighting up the
lamp.
Director of National Insurance Academy, Mr. G. Srinivasan had
delivered the welcome address on this occasion. He talked about how
latest technologies like Block chain, IoT, Telematics and Artificial
Intelligence, are reshaping the insurance industry. Mr. Srinivasan also
highlighted the importance of how the industry should prepare to
embrace the digital innovation in their business and what are the
challenges that the industry will encounter while adopting to these new
age technologies. Mr. G. Srinivasan, Director, NIA outlined the
different ways through which, NIA is creating and developing the
knowledge in Insurance, Pension and allied areas through undertaking
various activities like organizing Management Development Program for
the more than 6000 Top, Middle level & lower level executives of the
insurance industry every year. The Academy is also running a Post
Graduate Diploma in Management, where along with the General
Management subjects the additional focus in on imparting Risk
Management and Insurance Domain knowledge also.
Mr. G Satish Raju, CEO, Swiss Re India Branch started his address by
giving a perspective on the rapid change in technology. He talked about
the introduction of quantum computing in insurance and how it will be
useful in processing the huge amount of data the is involved in
insurance. He emphasized on the importance of collecting and
processing data and how well it is managed and handled. He also pointed
out the rapid rise in numbers of monthly digital transactions taking
place in insurance sector globally.
Mr Girija Kumar, CMD, United India Insurance in his address started

with the fact that the global insurance industry has already crossed $5
trillion. He focused on Davos 2020, where comments were made on
technology, so he appreciated this seminar against this background.
According to global survey 85% of customers are interested in going
digital. He focused on six terms related to digital disruption, namely,
cost efficiency, speed in operations, underwriting efficiency, reduction
in claim processing time, customer satisfaction and sales production .
The emerging economies are out-pacing advanced economies in terms of
economic growth. Even the insurance industry has out-paced banking
industry. It is ranked 4th in terms of digital maturity. Today we need
digital strategies in making corporate strategies.
The LIC Chairman Mr. M.R. Kumar delivered the Key note address and
he deliberated how these technologies are impacting the life insurance
companies and how the companies should embrace the digital innovation
in their business. Mr Kumar opened with how the industry was affected
by fast paced and over-arching mega-trends. The trends include
genomics, ubiquitous mobility, blockchain, cyber security etc.
The IRDAI Chairman Dr. Subhash C. Khuntia during his inaugural

address stressed the importance of Digital Innovation in the insurance
business. He also highlighted the recent changes that the regulator has
brought including regulatory sandbox to encourage and embrace digital
innovation in the insurance industry. He further stressed the necessity
of what regulatory guidelines should be put in place in anticipation of
these technological changes. He stated that the use of digital
processors has helped in reduction of cost, increasing efficiency of the
industry and fast settlement of claims. He said that the Digital
disruption will results into release of huge data and such individual data
will be exposed to huge risk. As insurance companies are already having
a lot of Data with them. He mentioned various initiatives taken by the
IRDAI such as electronic storage of policies in repositories. There are
around 50 lakh policies in the repositories. There is tremendous scope
of growth because we have huge human resource in our country and
Insurance industry will make a huge impact in the economic development
of the country.
From the left to right: Dr Archana Singh (Faculty Member, NIA);Mr G Srinivasan, Director,
NIA; Mr M R Kumar, Chairman, LIC of India; Dr S.C. Khuntia, Chairman, IRDAI; Mr Girija
Kumar, CMD, United India; Mr G Satish Raju, CEO, Swiss Re India Branch, Mr Shivprabhat,
Chair Professor, Financial Inclusion and Social Security.
During the inaugural function, IRDAI Chairman released the research

report carried out by National Insurance Academy on the topic: Micro
Insurance – Challenges and Opportunities. While releasing the report,
he said that the digital intervention will help the insurance companies in
reaching out to poorest of the poor. He also unveiled the Seminar
Report containing the research papers on the theme of the seminar.
The seminar had deliberated on the following topics:

1. Embracing New age technologies - Block-chain technology, Internet
of Things (IoT), RPA, and Telematics, etc., in Insurance Business,
2. Applications of Artificial Intelligence: Machine Learning and Deep
Learning techniques in Insurance.
3. Embracing Digital Innovation in (Re) Insurance Business, and
4. Cyber Security, Cyber Laws and Data Protection-Cyber Insurance.
Dr. S. Doss & Shri. Kishore K. Panda, Faculty members of NIA and the
seminar coordinators thanked all the dignitaries for gracing the
seminar and making it a wonderful learning experience.

Press Note International Seminar On Digital Disruption

Uploaded by

Copyright:

Available Formats

Press Note International Seminar On Digital Disruption

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Press Note International Seminar On Digital Disruption

Uploaded by

Copyright:

Available Formats

Press Note: Seminar on “Digital Disruption: Embracing digital

innovation in (Re) Insurance Business

National Insurance Academy in collaboration with Swiss re, has

Dr. Subhash C. Khuntia, Chairman, IRDAI, Mr. M.R. Kumar,

Mr Girija Kumar, CMD, United India Insurance in his address started

The IRDAI Chairman Dr. Subhash C. Khuntia during his inaugural

During the inaugural function, IRDAI Chairman released the research

The seminar had deliberated on the following topics:

You might also like