Page 38 - Insurance Times November 2020

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BIMTECH's 4th Insurance Colloquium -2020

BIMTECH INSURANCE COLLOQUIUM 2020 with the theme speech reminded the audience that we were all living in a
of ''INSURANCE 4.0 Resilience in Risk Society'' held on a complex and uncertain society The economic, political,
virtual platform on October 23rd, 2020 received an societal consequences of Covid 19 will last for several years
overwhelming response from the viewers both from India and reshaping the world we currently know in positive and
abroad. This was the fourth edition of this eagerly awaited negative ways. She said resilience was about anticipating,
annual event in the Indian Insurance industry organised by reducing, and planning for risks. According to her, IRDAI had
the Birla Institute of Management Technology (BIMTECH) advised insurers to set up a business continuity plan, in case
Insurance Business Management programme. they did not have one in place, and recommended setting up
crisis management committees. She was of the view that
The BIMTECH Insurance Colloquium 2020 saw intense and
insurers needed to tackle the threats posed by 3 C's - covid,
enriching discussions on topics of current relevance among
industry captains thought leaders and renowned experts from climate change, and cybersecurity risks effectively.
the insurance industry.
Prof K. K. Krishnan gave the theme introduction and
In his welcome address in the inaugural session, Dr. compared the present pandemic situation by quoting Vladimir
Harivansh Chaturvedi, Director, BIMTECH articulated the Lenin "There are decades where nothing happens, and there
impact of the pandemic on economies and societies. He are weeks where decades happen." pointing out to starting
shared that the pandemic was something the world had not days of Covid 19 origination and subsequent spread.
witnessed in the last 100 years. The situation had brought
The first panel discussion was on the theme of "Challenges
the importance of public health systems in emerging and
from COVID-19 to Health Insurance Industry -Way Out."
developing countries to the forefront and exposed their
weaknesses at the same time. While moderating the panel discussion, Prof.Dr. Abhijit K.
Chattoraj, Chairperson-PGDM-IBM, set the discussion rolling
In his theme address, Mr. Sakate Khaitan, Senior Partner- by commenting that the healthcare systems around the world
Khaitan Legal Associates, and Member- Board of Governors- were ravaged due to covid and health insurance was only a
BIMTECH reminded the august audience what humanity was small component of the overall healthcare systems.
presently going through was something unprecedented. He
said, "Society effectively is formed by a social contract where Dr. S. Prakash - Managing Director, Star Health & Allied
we give a number of our rights for the greater good and that Insurance Co. Ltd.attributed the growth of health insurance
is the very basis of society". Essentially what insurance does of his company to the increased focus on Tier 3 and 4 cities.
is it identifies, isolates, prices, and then pools risk. He felt that He stressed the need for product innovation in health
the society at large had adapted to the situation and having insurance to be relevant to the needs of customers.
a virtual colloquium was evidence of this adaptability. He
Ms. Farzanah Chowdhury - Managing Director & CEO, Green
further added, "No matter how adaptable the society was,
this resilience was not possible without the psychological Delta Insurance Co. Ltd., Bangladesh gave an insight into
Bangladesh's market coverage through micro-insurance
safety of insurance."
schemes and reaching out to the bottom of the pyramid by
Mrs. T.L Alamelu,Member (Non-Life), IRDAI in her keynote selling micro health insurance policies.

38 The Insurance Times, November 2020