Page 52 - Insurance Times March 2016 Sample

the conference for their participation to make it a success. ness School, Mumbai and Mr. Pramod Kumar Nayak, Assis-
She recounted from her personal experience about the big tant Professor, Trinity Institute of Professional Studies.
transformation that has taken place in the insurance indus-
try also, especially in view of enhanced role of The papers were presented before the eminent panelists and
technology."Gone are the old days when an agent would audience. The panelists included Mr. Y. P. Sabharwal, Profes-
visit your house to deliver personally the insurance policy. sor of Statistics, Delhi University, & Sr. Actuary, Oriental In-
surance Co. Ltd., Mr. Amit Patra, Chief Investment Officer,
Today, things are changing very fast with online selling/buy- Mr. Milind Kari, Chief risk officer of DHFL Pramerica Life In-
ing and issuance of the policies. Insurance is also likely to surance Co. Ltd., Mr. Ashish Makhijani, VP2, EXL Insurance,
emerge as a more technology driven industry in days to Mr. Amit Karla, Sr. VP and Mr. Tarun Kumar, AVP of Swiss Re.
come." She quipped. The panelists made valuable observations on the sub-themes
presented by the researchers. The presentations and panel
The highlight of the inaugural session was the presentation discussions were followed by open house question answer
of some coveted awards. The Amity's Golden Leadership sessions.The awards for the best three papers were an-
awards were presented to Mr. Amit Kalra, Sr. VP, Swiss Re nounced.
and Mr. Debashish Banerjee, Director, Deloitte in recogni-
tion of their contributions for outstanding vision, dedication At end of the day Prof. Anupam Suri, ASIBAS, Amity Univer-
and commitment to excellence to academic world and also sity proposed the vote of thanks to all the distinguished guests,
for their roles as a strong champion of industry-academia panelists, paper presenters, delegates, participating students
partnership in particular to Amity University. and sponsors.

Another cherished moment of the inaugural session was the Outcomes:
presentation of Certificate of Excellence in Academics award
to Ms. Vandana Baluni. She is the first student from ASIBAS, The first day of the conference ended with noteworthy out-
Amity University, Noida to become a Fellow of Institute of comes. Some of the outcomes that came up in the confer-
Actuaries of India. Ms. Baluni indeed did proud to herself and ence are as under:-
her alma mater as well.  The role of risk management has been increasing and

Technical sessions: becoming more challenging over a period of time be-
cause of the newer emerging risks like, climate changes,
Mr. Praveen Sandri, MD, AIR Worldwide India Pvt. Ltd initi- increasing suicides by farmers due to crop damages, etc.
ated the first technical session of the day by giving an en-
grossing presentation on Catastrophe Risk modeling.Mr.  There is a great need of building Big Data and using
Debashish Banerjee, Director, Deloitte talked on Risk Man- different Models to make risk management more mean-
agement with importance of use of Big Data. ingful, especially for effective assessment of future. This
is required especially for catastrophe risks.

Mr. Amit Kalra, Sr. VP of Swiss Re emphasized the role of  Higher amount of co-ordination is required among all

analytics research for effective use of risk management pro- departments of insurance organizations, like between

cess. Mr. Niraj Kumar talked at length about the recent risks finance and technical departments.

being faced by the industry and also touched upon various  Cyber Insurance has started gaining recognition world
dimensions of risks including cyber risks.
over and therefore appropriate terms and conditions of

In the second and third technical sessions, out of eleven pa- policies are required to be continuously reviewed to
pers accepted, six papers were presented by the distinguished match the customer needs.

researchers. The paper presenters included: Mr.  "Code of Salvage" is a very good risk management tool as it

Radhakrishnan Mahalingam, CPCU Society, U.S.A. (India Chap- is actually proposed line of action for underwriters for safe

ter; Mr. Piyush Singhal, Insurance Surveyor & Loss Assessor, disposal of "unnatural end of life" vehicles. As per market

Mr. Aniruddh Vijay; Research Scholar, Dayalbagh Educational practices, many major vehicles do not actuallyget scrapped

Institute; Mr. Manish Govil, Founder & CEO, SRG Insuretech and land up in wrong hands leading to further losses. Simi-

Pvt. Ltd; Dr. Abhijeet K. Chattoraj, Coordinator, Amity Busi- larly, old scrappedparts do not becomeavailableforcheaper

52 The Insurance Times, March 2016