Page 57 - Insurance Times November 2022

cited the example of a U.S.based insurance company and adequate investment on R&D which would play an
how it leverages real-time data from various aggregators important role in establishing customer-centric culture."
to develop real-time products.
Mr Mahavir Chopra, Founder and CEO of Beshak.org, said
Mr P. Sachidanand, Head-Corporate Solutions, Mahindra everything starts when insurance companies focus more on
Insurance Brokers Ltd., discussed the importance of the consumer and less on the distributors. He also pointed
understanding the customer and their priorities. He said, out that it is important to be customer-centric. Still, in
"Since it is practically impossible to remove technical jargon today's scenario, there is resistance towards showing
from the policy, intermediaries must communicate the numbers and data due to the dependency on the backend,
exclusion and inclusion in the layman's language for better which insurance companies don't want to expose.
understanding."
The participants in the panel felt there was a need to
Dr Rakesh Agarwal, Editor, The Insurance Times and understand the customer's business and the intermediaries'
Secretary General, Risk Management Association of training. The panellists also stressed the importance of
India, discussed the ways for developing customer-centric different tools to measure customer experience, like NPS,
culture, wherein he stated that "It is important to have a ratings, customer satisfaction surveys, etc., in optimizing
robust framework for customer education along with customer touchpoints and understanding customers.

Lifetime Achievement Award

BIMTECH acknowledges outstanding contributions in the so far in life has come from Insurance, be it Name & Fame,
insurance field by conferring Life Time Achievement Awards Health & Happiness," and thanked BIMTECH for honouring
upon eminent professionals from the industry. This edition of him. He gave a beautiful definition of insurance and cleared
the colloquium honoured Mr. G.N. Bajpai, Former Chairman the air regarding the same, "Who has this misunderstanding
of SEBI & L.I.C. of India, for his outstanding and exemplary that Insurance companies hold risk in their own portfolio?
contribution to the growth of the Indian insurance industry. It doesn't. It aggregates, commoditizes, and distributes."
He mentioned Climate change and its importance and raised
Mr B D Banerjee (Chairman-cum-Managing Director,
his concern regarding the very low emphasis by the
Oriental Insurance Co. Ltd.) also praised Mr G N Bajpai and
insurance industry given to the same.
congratulated Bimtech for choosing the right person for this
honour. Prof. (Dr.) Manoj Pareek proposed the vote of thanks to
everyone for the successful conduct of the Colloquium.
In his acceptance address, Mr. Bajpai in his acceptance
speech mentioned that "It is a very humbling experience to The Insurance Times and Institute of Risk Management
receive such an honour. It feels that I have been an asset to (IRM) India affiliates were the event's Journal Partner and
the industry at some point in time. All that I have achieved Education Partner. Photographs on page 56

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