Page 50 - Insurance Times May 2019

Speaking on the subject, Mr. Raghunathan drew attention Cat modelling and talked about protection gap, the
to the necessity for accuracy in primary data for effective accumulation, free capital and loose capital, in the context.
pattern recognition and anomaly detection for sound Mr Samiran Lahiri talked about the general Nat Cat situation
company operations. He listed the many emerging new risks
in Asia and the Alternative Risk Techniques (ARTs). The socio
such as cyber, gig economy, rising customer expectations,
economic aspects of the effect of the Nat Cat were also
shifting regulatory environment, demographic shifts and
discussed. Mr Abhijit Datar was more specific about the
emergence of new tools like the Cloud, Mobilenet,
major Property and Engineering losses in Asian context and
wearables, AI, IoT etc. which has fundamentally changed what role did man have to play in the same.
how insurance companies would be operating in the future
The moderator had a wonderful time interacting,
Mr. Inderjeet Sen spoke about the rise of new digital interjecting and rebutting the concepts being discussed and
companies and their tools which enhanced efficiency, speed the panel was very supportive. The questions and answers
of operations, ease of predictive modelling etc. which led session had to be restricted in light of the limitations of
to reduction in the operating costs .Mr. Ashutosh Shrotriya, time. The discussion concluded on a very positive note that
spoke on the adoption of such technologies for fraud
definite steps were being taken to mitigate the risks of Nat
detection, accurate underwriting and ease of access to Cat, but more needed to be done, and BIMTECH's steps in
millennial customers as boons from InsureTech. Use of big having a seminar like this were a step in the correct
data and data analytics is helping to build blockchain, direction.
distributed ledger, KYC AML, claim processing and record
keeping in companies. Mr. Saadeh spoke about the adoption The most exciting Round was the Research paper/Technical
at the insuretech in GCC countries which has resulted in the paper presentation. There were eight presenters from various
countries. Dr. Madhusudhan Acharyya, Senior Lecturer in Risk
offering of simple products and straight through processing
and Finance, Glasgow Caledonian University - London
in the general insurance markets in the Middle East. The
session which lasted for more than 90 minutes also show Campus got the first prize for his research paper on "UN
every hectic Q&A segment towards the end. Sustainable Development Goals and Climate Risk Exposures
- Proposing a Risk Financing Model for Bangladesh". Dr.
The fourth panel discussion of the seminar was on the Mohsen Gharahkhani (PhD), Deputy managing Director, Razi
theme- "Reinsurance: Coping up with worsening Nat Cat Insurance Company & Ms. Nadereh Samie Daryani (M.A.),
environment". The high powered panel had distinguished from Iran got the second prize for their presentation on
members - Mr Praveen Gupta- Thought Leader, Ex MD & "Analyzing the Impacts of Blockchain Technology on the
CEO, Raheja QBE General Insurance Co Ltd, Mr Praveen Insurance Business Model", and Mr. Shubasish Barua-First
Vashistha- CEO & MD, Howden India, Mr Samiran Lahiri- ED
Senior Vice President Green Delta Insurance Company Limited
& CEO ( Principal Officer), Preferred Partners Insurance
Bangladesh got the third prize for his presentation on
Brokers Pvt Ltd, Mr Kingshuk Chakraborty, Senior
"Innovating and Implementation of Micro Health Insurance
Underwriter-P&C, Hannover Risk SE, Mr Abhijit Datar-Chief -The Bangladesh Way ".-
Underwriting Officer, AGCS India. The moderator was Prof
Pratik Priyadarshi ( BIMTECH). Mrs. T. L. Alamelu, Chairman cum Managing Director of
Agriculture Insurance Company Ltd. of India in her
The subject was introduced by Mr Praveen Gupta with valedictory remark expressed her concern that even today
reference to the Climate Changes, the triggers for the Nat vast chunk of India's population was without any insurance
Cat events and the carbon footing that we are leaving cover. "We have been growing at 13% which seems very
behind as a legacy. He was of the view that sustainability
impressive but is this growth good enough? The penetration
of insurance was at stake and product development aiming
didn't grow to the extent it should have grown. Ideally we
to take care of the Nat Cat perils need to be developed. want to see that every Indian has some insurance
Mr Kingshuk Chakraborty took pains to simplify and explain protection" She added.
what exactly was meant by the terms Nat Cat and how it BIMTECH also honoured Mr. Prabodh B. Thakker -Chairman
affected the Reinsurance arrangements. He then also went -Global Business Brokers Pvt. Ltd .and Mr. AtulD. Boda,
on to talk about the Cat modelling and the effectiveness of
Chairman & Managing Director -JB Boda Group in
the same. He conceded that in present times, the modelling
recognition for their outstanding services rendered to the
may not be very effective. Mr Praveen Vashistha gave us a
growth of insurance industry.
general background of the Afro Asian region and the
implications of Reinsurance thereon. He also explained the Glimpses of the event on page no. 57

50 The Insurance Times, May 2019