Page 39 - Insurance Times November 2020

Ms. Malti Jaswal - Senior Consultant, World Bank, and changes with the advent of digital technologies. Mr. Anirban
Advisor, National Health Authority emphasized the need to Roy - Co-Founder & CEO, Pentation Analytics said that
broaden the base of the Ayushman Bharat scheme by the InsureTech covered a wide spectrum of processes that bring
inclusion of the missing middle. Mr. D V S Ramesh - General cost efficiencies, value additions to customers, and helps aid
Manager, Insurance Regulatory & Development Authority of distribution of insurance. Mr. Rohan Kumar - Co-Founder &
India (IRDAI) informed about initiatives taken by IRDAI like CEO, Toffee Insurance felt the expectations of youth in India
the one which was mandating insurers to come up with a have changed and they wanted relevant products to suit their
short term covid specific product. The insurers came out with needs and wanted to consume them in a manner they are
corona kavach as a result of the efforts of IRDAI. He said used to like they use Amazon and Uber. The insurers have to
IRDAI has the interests of the general public in mind and design products in line with the changing preferences of such
insurers have supported the initiatives of IRDAI customers. Mr. Sourabh Chatterjee - President & Head
wholeheartedly during the current pandemic. Dr. Bhabatosh Technology, Digital Sales, Travel, Bajaj Allianz General
Mishra - Director Underwriting, Products & Claims,Max Bupa Insurance Co. Ltd. felt that InsureTech was challenging the
Health Insurance shared his views, and the discussion ended status quo of the entire value chain of insurance by bringing
with his thoughts. He felt what customers needed was the information from industries outside of the insurance industry
right care (treatment protocol), at the right set up at the right like gaming, food delivery, e-commerce industries in the
cost. insurance industry to design and innovate better products for
customers. The influence of this has been to make insurance
Prof. Pratik Priyadarshi, moderated the second-panel products more simple, visible, and available.
discussion on the theme of "Business Continuity: Can Insurance
Offer the Necessary Succour?He initiated the discussion by Mr. Vijai S. Raghunathan - Consulting & Transformation
explaining the business continuity by giving an example from Leader Customer Success Team, L&T InfoTech thought that
an incident from epic Ramayana where younger brother the scenario in InsureTech space to be a David and Goliath
Bharat took the slippers of Lord Ram and kept them on the situation. Where David's was InsureTech's and Goliath's were
throne when lord ram went into exile so that the show could the large insurers. He felt for InsureTech to grow and succeed
go on. Mr. Rakesh Jain - CEO, Reliance General Insurance David's and goliaths will have to work together.
Co. Ltd pointed out the distinction between business
BIMTECH regularly acknowledges outstanding contributions
interruption which had its origins in fire insurance, and
in the field of Insurance, by conferring Life Time Achievement
consequential loss of profits due to the occurrence of fire
while business continuity was an extension of disaster Awards to eminent professionals from the industry. During this
colloquium, it honoured Mr. Nasir A. Choudhury Founding
management.
Managing Director & Advisor of Green Delta Insurance
Mr. Sanjeev Jha - Managing Director & CEO, Fairfirst Company Limited-Bangladesh for his outstanding and
Insurance Ltd. said that an answer to whether the business exemplary contribution to the growth of the Bangladesh
interruption losses due to covid can be covered in the future insurance industry. Mr. Nasir A. Chaudhary, post accepting
was what price would be customers would be willing to pay the award gave his acceptance speech in which he spoke
to receive such a coverage benefit. about his life's journey. In 1986 he took the courage to start
his venture with Green Delta Insurance. Innovation and
Mr. Tapan Singhel - Managing Director & CEO, Bajaj Allianz
customer-centric approach was the guiding force of his
General Insurance Co. Ltd. felt the mindset of realising the
organisation. Green Delta was not only the largest insurer in
need of having insurance when a crisis happens has to change. Bangladesh but the most trusted insurer and prompt claim
Customers have now realised the importance of insurance
settler. He thanked BIMTECH for honouring him.
more than ever due to the pandemic. He stated he was proud
to say that as an insurer "We get paid to do good". The event concluded with a vote of thanks proposed to all
involved in the successful conduct of the programme by Prof.
Prof. Manoj Kumar Pandey moderated the third panel
Dr. Manoj Pareek.
discussion on the theme of "Hastening InsureTech Adoption
in Insurance Business: Status and Appraisal" started by saying The Insurance Times and Chartered Insurance Institute
that technology has been part and parcel of insurance of (CII) - India were the Journal Partner and Education Partner
industry for decades but the past ten years have seen rapid respectively of this colloquium.

The Insurance Times, November 2020 39