Page 33 - Insurance Times March 2017 Sample

Mr. G Srinivasan, CMD, New India Assur-
ance Co. Ltd was the Chief Guest and pa-
tron. While addressing the gathering he
stressed upon the fact that there exists no
social security among the below poverty line
population in India and was very optimistic
about the role of Mutuals and Cooperatives
in helping inclusive insurance. He was con-
fident that through Mutuals and Coopera-
tives they can connect with people in the
insurance sector provided they are asked to
bring lesser capital and are subjected to
lesser regulations.
One of the highlights of the 4th Insurers'
Conclave was the felicitation of two emi-
nent insurers of yesteryears for their out-
standing contribution to the growth of the
insurance industry in India, Mr. K.C. Mittal,
Ex-Chairman of GIC and Mr. R.N.
Bhardwaj, Ex- Chairman of LIC. Mr. K.C. Mittal, who at- India and how they can be overcome.
tended, expressed his sincere gratitude to AIIRM for the The second Session of the panel discussion was on the "ROLE
honour showered upon him in his fine speech. Mr. R.N. OF ALTERNATIVE INSURANCE" chaired byMr. Liyaquat Khan,
Bhardwaj could not attend due to his prior commitment and Managing Partner of Global Risk Consultant and former long
will be facilitated in a function to be organised specially for serving President - Institute of Actuariesof India and one of
him in near future. the most distinguished Actuaries of India.

The theme of the conclave "Inclusive Insurance: Challenges The first panelist of the second session Dr. Abhijeet Chattoraj
and Road Ahead'' was discussed and deliberated in three of Amity Business School, Amity University, Mumbai, one of
sessions of panel discussion, each session dealing with one the very few practicing insurers to do a PhD on Health In-
of the dimensions of the theme. surance and then take up insurance teaching as a full time
The first Session of the panel discussion was on the "ROLE job, highlighted the Decline of Mutuals and Cooperative
OF COMMERCIAL INSURANCE" chaired by Mr. Haris Ansari forms Of Insurance in India post Nationalisation and post
- Ex. Member IRDA and Ex. Chair Professor, NIA who in his IRDA Act. In his presentation, he pointed out that countries
opening remark stated that the biggest problem with insur- that promoted cooperatives and mutuals to market insur-
ance is that it is a push product and not a pull product and ance have higher penetration. He also lamented that in
that a consumer can be taken care of only if the product is India, mutuals and cooperatives had been given a raw deal.
properly explained to him/her which is not the case often. The second panelist Mr. Kumar Shailabh, Executive, Direc-

Of the three panelists in the first session, Mr. R. tor, Uplift Mutuals, India showcased the achievements of
Chandrasekaran, Secretary General, General Insurance his organisation and put up facts to prove as to How Mutuals
Council deliberated upon the Performance of the Commer- make Insurance work for the Poor.
cial Insurance Companies in India in propagating Inclusive The third panelist Dr. Shariq Nisar, a Senior Research Fel-
Insurance and gave a beautiful presentation of facts and low on Takaful or Islamic Insurance from Harvard Univer-
figures in its various dimensions. sity, USA and presently teaching in Rizvi Institute of Man-
The second panelist Mr. P.V.S. Nagaraja Rao, Chief, P&GS, agement Studies and Research, Mumbai explainedThe Prac-
LIC, deliberated upon the Role of LIC in propagating Inclu- tice Of Takaful and its Spread and Penetration across the
sive Insurance through Socially relevant insurance policiesand Worldand how in concept and practice it is similar to both
how LIC has stood the test of time in fulfilling its role. Mutuals and Cooperative form of insurances.

The third panelist Mr. Yogesh Lohiya, CEO & MD, Iffco-Tokio The third Session of the panel discussion was on the
General Insurance Co. highlighted the Challenges in the "CONFLUENCE OF ALTERNATIVE CHANNELS OF INSURANCE"
Propagation and Spread of Social and Inclusive Insurance in chaired byMr. A.K. Roy, Ex.CMD, General Insurance Corpo-

The Insurance Times, March 2017 33

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