Page 30 - Insurance Times November 2022

Courtesy : pecb.com

A webinar was organised on 15th October 2022 jointly by BVSS - Bangalore & Risk Management Association of India.
The theme of the webinar was "Insurance Industry - Trends, Challenges & Opportunities".
Shri Naval Kishore Bajaj, President, BVSS, Bangalore in his Welcome address gave an outline of current Industry growth and
future prospects. According to Mr Bajaj the Overall market size is expected to reach US$200 Billion by FY 2027 at the
present growth rate. He also added as per report of S&P Global market intelligence data India is the 2nd largest Insurance
Technology Market in Asia Pacific accounting for 35% of US$3.66 billion insurtech focussed venture capital investments
made in the country.
The key Note address was given by Shri Nilesh Sathe (Former IRDA Member). Mr. Sathe touched upon the Current Trends
in the Insurance Industry and the role the Industry should play going forward. He touched upon the Challenges of Unem-
ployment, Customer Centricity, Reaching out to customers, and providing seamless services to customers.
Dr. Rakesh Agarwal gave an overview of the current scenario and the latest developments in the Insurance Industry in
India. He outlines the measures being taken by IRDAI in recent months to achieve the target of doubling the penetration
from 4.2 currently. He also spoke about the areas where the industry should focus to achieve financial inclusion and increase
investment in the area of Research & Development and Education.
Mr. Tarun Kumar Singh spoke on the current Insurtech landscape in India and the role to be played by the insurtech
companies in the future. He added that the Regulator must make the licensing process hassle-free and seamless so that
Intermediaries need not face hurdles in entering the insurance space. He also listed the challenges in the implementation
of technology and the way forward.
Mr Sonjai Kumar spoke on the ERM trends and Opportunities in the Indian Insurance Sector. He enumerated the current
position of India in ERM implementation and Challenges around governance and implementation. He also gave detailed
suggestions for improvement in ERM in the current Indian context. He summed up the development of ERM research in
Insurance sector.
The sessions were followed by a quick round of panel discussion and a Question and Answer session from the audience.

26 November 2022 The Insurance Times