Page 46 - Insurance Times July 2021

Advertorial

Activities at Insurance Business Management Programme

(IBM) of Birla Institute of Management Technology

(BIMTECH)

Participation of Chairperson and Dean, EnitanSolarin, Managing Director, YOA Insurance Brokers,
gave a perspective of the Nigerian insurance market and
PGDM (IBM) in an International Webinar
commented on the rising expectations of Nigerian customers
A distinguished panel of insurance and personal finance demanding better service standards from insurers.
leaders from across the world gathered to participate in an
Gerald Lim, President, Singapore Insurance Brokers
International Webinar titled 'Supporting the Commonwealth's
Association, gave an overview of Singapore's life and health
development priorities: An ambitious manifesto from the
insurance market. He spoke about government-initiated life
insurance profession' on Wednesday, 23 June 2021. The insurance scheme that compulsorily covered its citizens. In
webinar was organized by the Commonwealth Enterprise and addition, there were sandbox regulations in place in
Investment Council (CWEIC) in partnership with the Chartered Singapore to bring innovative productsin Singapore.
Insurance Institute (CII) and the Commonwealth Insurance
Ekhosuehi Iyahen, Secretary-General, Insurance Development
Forum (CIF).
Forum, spoke about the climate change affecting countries and
Prof (Dr) Abhijit Chattoraj, Dean (SWSS), Professor & the need for protection through insurance. She gave the example
Chairperson - Insurance Business Management Program, of Dominica, a country in the Caribbean where hurricanes
BIMTECH who opened the discussionwas introduced by Sian brought down the GDP of the country by 200 percent every five
Fisher, Chief Executive, Chartered Insurance Institute. We years. Coverage of natural catastrophes induced by climatic
capture here the reflections and remarks of the panelists. change was an opportunity for insurers to understand such risks
and offer protection to large populations.
Prof (Dr) Abhijit Chattoraj reminded the audience of the
history of the BIMTECH's Insurance business management Richard Leftley, CEO, MicroEnsure, reflected on the need for
programme running for the past 20 years and had shaped ensuring accessibility of insurance products to the low and
the careers of students. According to him, the emerging trends middle-income population groups. He shared his learnings
in insurance were changes in customers' behaviour, especially from his micro insurance marketingexperience that were:
selling insurance products that were extremely simple to
that of millennial customers and increasing use of technology
understand, ensuring ease of buying insurance for
in insurance. InsureTech was redefining and transforming the customers,and selling insurance through partners whom
way insurance was being distributed today. Insurance people trusted.
professionals needed to be wedded with technology.
Theyought to be aware and use technologies like the internet John Neal, CEO, Lloyd's, gave his thoughts on the future of
of things, cognitivecomputing, Blockchain etc.to benefit insurance for the next ten years while following principles
of sustainable insurance. According to him, the economic
insurers and end-users. Besides having domain expertise,
they needed to have the highest standard of ethical behaviour impact of the pandemic was grave with record borrowings
and empathy. Coming to the question of the role of the by people in the developed world. This had led to high
inflation even in countries like United States. Inflation would
insurance industry in India during the pandemic.Dr. Chattoraj
impact interest ratesin the near future. The full effects of the
said the Indian insurance industry sector showed growth in
economic impact of the pandemic would been known only in
life insurance, general insurance and health insurance. The
the future. He felt there was a need to simplify insurance
human face of the industry came to the fore during the time products, bring innovative products and build public-private
of the pandemic. There was a realization during the pandemic partnerships to get these innovative products to customers.
that insurance can provide financial support to people. He
gave an example of insurers reimbursing expenses of home The webinar concluded with Sian Fisher, Chief Executive,
Chartered Insurance Institute, thanking all panelists for their
quarantine through health insurance which was excluded. The
participation and discussion.
Indianinsurance regulator was instrumental in the launch of
corona specific products. Continued in page 48
46 The Insurance Times, July 2021