Page 48 - Insurance Times August New 2023

Insurance Institute of India (III)

68th Foundation Day - 30 June 2023, Mumbai

Seminar on
"Technology: Changing the landscape of the

Insurance Industry"

nsurance Institute of India (III) conducted a seminar General, Life Insurance Council and Shri. Inderjeet Singh,
I on "Technology: Changing the landscape of the Secretary General, General Insurance Council spoke about
Insurance Industry" on 30 June 2023 on the occasion
the work of III with the insurance industry in terms of
education, content development, training and insurance
of its 68th Foundation Day.
awareness as well.
The technological revolution has opened endless
The thematic address of the event was given by Shri B. C.
opportunities in the insurance domain of the country.
Patnaik, Member - Life, Insurance Regulatory and
Technology plays an important role for the growth of the
Development Authority of India. He shared his views on the
Insurance Industry in India. Use of Chatbots, Artificial
technological innovations in the insurance sector and the
Intelligence, Machine Learning, Deep Learning, Smart
benefits to its customers with reference to various insurance
Devices etc. are some of the new developments for
products. He spoke on the first phase of bringing in
marketing and servicing Insurance products.
computers, the second stage of databases and data analytics
of the present day. He said that the next, the third phase
Insurance Institute of India is a pioneer in insurance
would be advance technology. He also informed about the
education and offers internationally recognized
usefulness of ABHA App for health insurance, the Neuralink
certifications. III supports programmes for capacity building
concept, scope of the InsureTech market, Data Protection
in insurance across SAARC and other emerging markets. III
conducted this Seminar to bring to light the technological
Regulation, need for Data Privacy and rules for the purpose
advancement in insurance and discuss the initiatives of the
etc. which are beneficial features for insurance customers.
IRDAI including Bima Sugam, a digital platform envisaged
Shri Prafulla Jaipuria, Director, College of Insurance in his
for insurance products and services.
valedictory speech thanked all the dignitaries of the
Insurance Industry who attended the seminar as speakers,
Shri S. N. Sathpathy, Secretary General of III, in his inaugural
panelists and audience on occasion of 68th Foundation Day
address, briefed about the journey of III in areas of insurance
of III. He highlighted the views shared by dignitaries covering
education, awareness, training programs and the connection
the technological aspects of the insurance sector.
it has established with the regulators and the insurance
industry in this regard. Prof. Archana Vaze, Asst. Professor, College of Insurance,
moderated the panel discussing the current trends of
Shri Devesh Srivastava, Chairman and Managing Director, technology which can be useful for the insurance sector. The
General Insurance Corporation of India and President, panel members who discussed the theme of the seminar
Insurance Institute of India, who was the chief guest for the were Shri R. Doraiswamy, Executive Director (IT/SD), LIC of
event appreciated the progress III has done in spreading India, Shri Girish Nayak, Chief - Technology and Health
insurance knowledge. He also emphasized the need to Underwriting & Claim, ICICI Lombard General Insurance Co.
understand the insurance requirements of the younger Ltd., Shri Kallol Basu, Chief Technology Officer, National
generation using the advancements in technology. Insurance Co. Ltd., Shri Kayzad Hiramanek, Chief Operating
Officer, Edelweiss Tokio Life Insurance Company Ltd., Shri
The Guest of Honour Shri S.N. Bhattacharya, Secretary Prerak Sethi, Co-Founder, India InsurTech Association and

The Insurance Times August 2023 41