Page 51 - Insurance Times September 2015 SAMPLE

Press Release
National Insurance Conclave held by Dun & Bradstreet & LIC
Indian Insurance Industry poised for greater penetration
(From Left to right): Mr. Kaushal Sampat - President and
Managing Director - India - Dun & Bradstreet, Mr. G. Srinivasan - regard."
Chairman cum Managing Director - The New India Assurance
Company Ltd., Nilesh Sathe, Member (Life), IRDAI, Mr. V. K.
Sharma - Managing Director - Life Insurance Corporation of India,
Mr. Sanath Kumar - Director & General Manager (acting CMD) -
GIC Re
A series of financial and economic developments have sig-
naled growth for the Indian economy in the last 15 months or
so, with the result that the Indian insurance industry is poised
for vast expansion in its reach across the country.
Welcoming delegates to a National Insurance Conclave held
by Dun & Bradstreet and the Life Insurance Corporation (LIC)
on 'Quest for Market Penetration & Growth', Mr. Kaushal
Sampat, President and Managing Director - India, Dun &
Bradstreet said "There are several encouraging factors point-
ing to growth for the Indian insurance sector at present."
Pointing out that insurance penetration in India (life and non-
life) is just 3.9% compared to a global average of 6.3%, Mr.
Sampat further elaborated, "The hike in FDI limit in the insur-
ance sector will provide the flexibility to raise much needed
capital. This has opened a plethora of business opportuni-
ties for foreign investors. With financial inclusion proceed-
ings in full force, the timing of increase in limit for FDI in in- ing in the rural markets is a large untapped opportunity pro-
surance sector could be a game changer. The Insurance Act
2015 is a Win-Win situation for each of the stakeholders of
the insurance industry."
Nilesh Sathe, Member (Life), IRDAI also present at the event
said "It should be a joint effort of Insurance Industry and the
Regulators to continuously make efforts in increasing market
penetration of insurance. The National Insurance Conclave
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will help all the stake holders to understand their role in this
"Targeting greater insurance penetration entails being a part
of the Indian growth story while staying ahead of it. It is a
quest to push growth-rate of life insurance premium at a level
much higher than that of the Indian GDP in real terms to make
sure India catches up with the world average. Not winning is
not an option," said Mr. V.K. Sharma, managing director, LIC.
"CAMS Rep through its IR initiative will play a significant role
in shaping the future of how insurance is bought and stored
in the country. Digitization will impact the way Policy hold-
ers interact with insurers as more and more digital natives
enter the category. The IR initiative of IRDAI is aligned to the
Digital India initiative by Govt of India" Mr. S.V Ramanan- CEO
- CAMS Insurance Repository Services Limited.
Mr. Sanath Kumar - Director & General Manager (acting CMD)
- General Insurance Corporation of India said "I have partici-
pated in D&B events before. I have always found them com-
ing up with very relevant & contemporary topics and also a
very representative slice of the industry both, at the dias and
at the audience. I wish that this event also would excel as the
previous ones and make a mark in the industry".
Contributing to the topic, Ms. Vibha Padalkar, Executive Di-
rector and Chief Financial Officer, HDFC Life said "Penetrat-
vided we get the distribution model right and offer products
that are relevant to the rural section".
Srinu Kalyan CEO PolicyBachat.com said, "There is a para-
digm shift in insurance industry from traditional agency model
to online model. PolicyBachat has married the two by having
a fully digital online quote to bind and back end insurance
advisors to help the consumers; hence achieving efficiency,
speed in delivery and transparency in the market place."
The event also witnessed a panel discussion on the topic which
included Mr. M. Ravichandran, President - Insurance, Tata AIG
General Insurance Company Ltd., Mr. Kamlesh Vora, Head -
Distribution Excellence Group, Kotak Mahindra Old Mutual Life
Insurance Ltd., Ms. Vibha Padalkar, Executive Director and Chief
Financial Officer , HDFC Life, Dr. Nayan Shah, Managing Direc-
tor, Paramount Health Services (TPA) Private Ltd., Mr. S.V.
Ramanan, CEO,CAMS Insurance Repository Services Ltd., Mr.
Srinu Kalyan, Chief Executive Officer, Policybachat.com.
The conclave was focused on the life and general insurance
sectors and its growth plans and took a look at the road ahead
for insurance companies in the country.
The Insurance Times, September 2015 47