Page 40 - Insurance Times November 2019

India Insurance - Step Ahead - BIMTECH

Insurance Colloquium -2019

T he BIMTECH Insurance Colloquium 2019 wit- the right direction. He felt that the society from Indian

context was on transition from rural -agrarian societies to
nessed a very intense and animated discussion
urban industrialised and service based societies. "Post
among industry captains, thought leaders and
renowned academicians on the theme "Deci-
phering the Emerging Marketing Scenario". The digitalisation, the silent decay of joint families system has
had and will have the most reverberating impact on all
colloquium was recently organized by the Programme of facets of life in years to come and the ones, on the re-
Insurance Business Management, BIMTECH at the ceiving end of this tectonic shift is the older generation and
Mumbai Cricket association (MCA) Recreation Centre in the younger generation. I wonder if we are expressing
Mumbai. enough concern over the rising instances of neglect of el-
ders and rapid proliferation of nuclear families coupled
In his welcome address, Dr. Harivansh with urbanization of the society. In India, the effect of this
Chaturvedi, Director, BIMTECH articu-
disintegration of joint family system has led to
lated about the impact of fast demo-
intergenerational bonds to weaken. The growth of the
graphic changes sweeping the youth and the elderly are mutually aligned. The elders are
economy. He felt that there ware twin the custodians of righteousness, traditions, family honour
challenges that need immediate atten- and wisdom. It is the responsibility of the present genera-
tion. The first challenge is how to fulfil
tion or the children of the family to play a greater role to
the emerging aspirations of the millennial generation and ensure the welfare of the elderly persons, he said.
the second challenge is to ensure that senior citizens live
happy, healthy and comfortable. He further added, "The major concern is the health and
financial security of the rural population and for this situ-
He also pointed out how the mindset of the people had
ation; Ayushman Bharat has proven to be boon for such
changed over the last 20 years. Initially they considered people. There is strong need for providing long term pal-
Insurance only a tax saving tool and invested only in real liative care to the elderly".
estate sector, whereas now they are carefully planning
the various financial security options. India lags far behind Mr. Nilesh Sathe, former member
when it comes to providing social security systems to its (Life), IRDAI in his Keynote speech
maintained that the biggest challenge
senior citizens, compared to the European Nations. He
before the insurance industry was that
exhorted the Indian Insurers to expand and explore
of 'Trust Deficit'. He was of the view
through Ayushman Bharat to provide geriatric health care.
that issue of misselling, economic insta-
In his theme address, Mr. Sakate bility along with falling interest rate
Khaitan, Senior Partner-Khaitan Legal would impact the industry. He felt that the problem of
Associates, and Member- Board of Gov- solvency can be addressed by injecting more capital. The
ernors-BIMTECH reminded the august regulator is considering a low solvency ratio for a less
audience how everything around us risky business like health insurance. The issue of persis-
was changing whether it was the tency still hurts the life insurance companies. "Although,
economy or the technology or the so- it has improved over the years, it is still way behind the
ciety at large. He wondered whether we were moving in expectations. The basic purpose of insurance companies is

40 The Insurance Times, November 2019