Page 55 - Insurance Times November 2022

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6th BIMTECH Insurance Colloquium - 2022- Fostering

Sustainable and Inclusive Growth

7th October 2022, Mumbai

he Program of Insurance Business Management categories varying across multiple dimensions, and yet we
T of Birla Institute of Management Technology still bucket them into 2-3 categories at best". The current

youthful generation found less meaning in the vintage of
(BIMTECH) organizes this annual event annually
in October. The sixth edition of BIMTECH
in hierarchy either. The impact was more important to them
INSURANCE COLLOQUIUM was held in Mumbai at the organizations to find them trustworthy and did not believe
prestigious MCA Complex on October 7th, 2022, with the than the business vintage, and trust is what happens when
theme of "Fostering Sustainable and Inclusive Growth". It actions meet words.
received a tremendous response from delegates across India.
In the theme address that followed, Mr Sakate Khaitan,
In his welcome address in the inaugural session, Prof. (Dr.), Senior Partner, Khaitan Legal Associates and Member Board
Anupam Verma, Deputy Director and Dean Academics, of Governors, BIMTECH, gave an overview of the history of
BIMTECH, expounded on the theme of the colloquium, India's insurance business, including nationalization and
which aimed at exploring value creation by building trust, privatization of the insurance sector and enactment of laws
development of an ESG framework and the need for and regulations framed during the period. He also
customer centricity for businesses. He felt ESG practices requested, "The insurance companies should provide more
followed in the right spirit aligned with the UN Sustainable granular data for better industry insights".
Development Goals (SDGs). He welcomed all panelists and
He felt India was at an inflexion point to reinforce customer
delegates to the colloquium.
centricity and trust. Following the basic tenet of utmost good
In his keynote address, Mr. Suresh Mathur, Executive
faith was important to reduce needless litigation to enforce
Director, IRDAI felt the theme was relevant in the current
and interpret insurance contracts. In his view insurance
times we were living in. He emphasized, "While CSR was
industry had a pivotal role in promoting ESG. There was a
considered separate from revenue-generating initiatives,
need for insurers to provide more granular data in the area
this has changed now". He thinks that ESG issues have come
of claims.
to the forefront. A strong ESG proposition was linked to long-
term returns for businesses. There was a need to ensure that
Panel I
all legitimate claims were paid, and the inclusion of the LGBT
community in the definition of family was a step towards The theme for the first-panel discussion was "Value Creation
bringing inclusivity. through building trust", which focused on the challenges
faced by the industry in terms of the existing protection gap,
In his Keynote address, Mr. Srinath Sirdharan, a well-known
the service experience provided by the insurers, and the
columnist and author, dwelled on the ten buckets of ESG,
roles of insurers in building trust among the customers.
which were, as per him, the overall theme of ESG, targets
'Reducing protection gap and building trust will remain a
to be achieved, tracking of the same, traceability to the
ultimate source, transparency in disclosure, tailor-made dream if the issue of income inequality is not addressed at
the earliest. Income inequality is a bigger threat than either
products to suit the regulations, transformation, technology,
talent shortage of workforce knowing ESG norms and environment or governance' maintained Prof (Dr) Abhijit
temptation not to do green washing by businesses while Chattoraj, Dean- SW&SS and Professor and Chairperson
ensuring compliance with ESG regulations. He specifically of Insurance Business Management Program while
pointed out that "The Indian market is divided into 10+ moderating the panel discussion.

The Insurance Times November 2022 49