Page 7 - India Insurance Report 2023- BIMTECH

Preface

Insurance Business Management Program of Birla Institute of Management Technology (BIMTECH)
has now compiled its “India Insurance Report – Transforming Indian Insurance Series-II, 2023”
(Transformation means nothing of the old remains. It is the dimensional shift in the way learnings are
put to a workable framework and solutions) following its first India Insurance Report – Series I published
in 2005. This publication endeavours to cover a wide gamut of insurance-related articles from the leading
players and thinkers from India and overseas.

The framework of our Report follows the concept of ‘ANTYODAYA’, which means ensuring the rise
and development of the last person in the society. For millennia, “India that is Bharat” has followed an
economic model that combined the invisible hand of markets with the hand of trust, especially by appealing
to ethical and philosophical dimensions. Kautilya’s ‘Arthashastra’ encapsulates this higher purpose: “The
fundamental principle of economic activity is that no man you transact with will lose, then you shall
not.” “India that is Bharat” must, therefore, cater to ‘ANTYODAYA’ creating a responsible economy
and sustainable ecology, which is possible when Economy and Ecology move together driven by ethics.

Since research has established that a 1% rise in insurance penetration translates into a 13% reduction in
uninsured losses - a 22% reduction in the taxpayers’ contribution following a disaster – and increased
investment equivalent to 2% of national GDP, we need a collaborative framework that insists on total
insurance penetration in India, led by a Vision that embraces inclusion and champions reforms to
encourage human enterprise, not just to serve the macroeconomic objectives but to feed and strengthen
them. Mission - “Insurance ANTYODAYA” is a logical action plan for the above Vision!

The current mantras of ‘inclusion’ and ‘full insurance penetration’ are the right mantras for insurance
and have therapeutic values and transformative character. It contributes to stabilise macroeconomics,
reduces risks, builds resilience, prepares for climate change that has already happened, and addresses risk
fundamentals and their correlations (e.g., cyber is not an IT risk but a governance issue, and growing
health and lifestyle hazards need to be managed etc.); helps usher in structural reforms leading to the
bridging of protection gaps. We must realise that it is impossible to strengthen our oldest civilizational
state and its democracy in the world without access to its associated wisdom and intelligence. We also
require modern tools and global best practices that are in sync with our civilisational state continuum.
The mission - “Insurance ANTYODAYA,” is a powerful tool to realise our Vision of Inclusive Insurance.
‘ANTYODAYA’ was a mission close to the Father of the Nation, Mahatma Gandhi’s heart. Hence, our
report is being released on ‘Gandhi Jayanti’ day. Happy Reading!

Abhijit K Chattoraj Harivansh Chaturvedi

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