16 Annual Insurance Conference November 24, 2014
16th Annual Insurance Conference November 24, 2014 Taj Lands End, Mumbai Programme Outline 09.30 am – 10.45 am Inaugural Session Welcome Remarks: Mr. Amitabh Chaudhry, Chair, FICCI Insurance and Pensions Committee and MD & CEO, HDFC Life Insurance Co. Ltd. © Presentation by BCG on the Theme of the Report on Life Insurance Presentation by McKinsey on the Theme of the Report on Non-Life Insurance Inaugural Address: Shri T.S. Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA) © Release of Reports Closing Remarks: Mr. Bhargav Dasgupta, Co-Chair, FICCI Insurance and Pensions Committee and MD & CEO, ICICI Lombard General Insurance Co. Ltd. © 10.45 am – 11.00 am Tea/Coffee 11.00 am – 12.30 pm Parallel Session I Life Insurance Getting back to sustainable growth and Improving Business Productivity The Life Insurance industry has shown recent signs of growth. However, this growth still fragile. A vibrant life insurance industry is vital for the economic health of the country. What all can industry stakeholders do to encourage the signs of growth? Non-Life Insurance Driving sustainable growth in GI industry Vision 2025 has set a high bar for the India General Insurance industry - to become an inclusive, progressive and high performing sector with a GWP of INR 480,000 crores while achieving a sub-100% CoR implying a 20%+ RoE. The last few years have witnessed the industry growing at a CAGR of 19%; however the overall CoR is still at ~120%. In this context, sustainable growth will require driving distinctive customer experience (primarily through claims experience), thorough understanding of underlying risks as well as adequate pricing. While the industry has made some progress in this regard, there is still a long way to go. In terms of claims processes, traditionally the focus has been on increasing efficiency. Chair: Mr. S.K. Roy, Chairman, Life Insurance Corporation of India * However, with changes in consumer behavior, players will need to rethink their claims strategy with disproportionate focus on customer experience. In terms of pricing, there is lack of necessary infrastructure to record and analyze accurate customer data that limits the ability to identify risk indicators using trend analysis. In addition, emerging risk types (e.g. migrating labor, critical diseases) and higher severity of NatCat risks have increased complications further. The session will discuss these issues and hence potential imperatives for the industry to achieve sustainable growth. Moderated by Mr. Alpesh Shah, Senior Partner and Director, BCG © Moderated by McKinsey Partner Panelists : Panelists : Mr. V Manickam, Secretary General, Life Insurance Council* Mr. Amitabh Chaudhry, MD and CEO, HDFC Standard Life Insurance Co. Ltd. © Mr. Sandeep Bakhshi, MD and CEO, ICICI Prudential Life Insurance Co. Ltd © Mr. Pankaj Razdan, MD and CEO, Birla Sun Life Insurance Mr. Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance Co Ltd © Mr. G Srinivasan, CMD, New India Assurance Co Ltd* Mr. R Chandrasekaran, Secretary General, GI Council * Co. Ltd © Mr. Arun Thukral, Managing Director, CIBIL © 12.30 pm – 01.45 pm Mr. S.S. Gopalarathnam, MD, Cholamandalam MS* Dr. Amarnath Ananthanarayanan, MD & CEO, Bharti Axa General Insurance Co Ltd* Mr. Nirmal Jain, Chairman, India Infoline * Parallel Session II Life Insurance Recreating a compelling proposition – Finding the win-win for Customers and Distributors In the growth years, the industry had moved away from the end consumer as the customer, and become rather intermediary centric. As this trend changes, what can companies do to create a proposition that is a win-win for the customers and the distributors? This change in orientation, is also key to growth and productivity improvement for the industry. Chair: Mr. Arijit Basu, Managing Director and CEO, SBI Life Insurance Co. Ltd.* Moderated by Mr. Pranay Mehrotra, Partner and Director, BCG © Non-Life Insurance Driving Rural Penetration The session delves in to the current state of General Insurance in rural areas, key challenges impeding rural penetration and potential ideas for increasing penetration going forward. It is well known that the industry has lagged significantly in terms of penetration in rural areas with the PSU players and a handful of private players making some in-roads. The session will discuss the current challenges and explore various initiatives to drive penetration. In particular, the panelists will explore possibilities of leveraging existing rural distribution infrastructure (e.g. CSCs, BCs, MFIs, co-operative societies), drawing parallels from other sectors such as banking and telecom. The session will also explore potential initiatives based on global examples and discuss their feasibility in Indian context. Moderated by McKinsey Partner Panelists: 01.45 pm – 02.45 pm 02.45 pm – 04.00 pm Mr. Anuj Aggarwal, CEO Bajaj Allianz Life Insurance Co. Ltd © Mr. G Muralidhar, Managing Director, Kotak Mahindra Old Mutual Life Insurance Limited * Mr. Anup Rau, CEO and Executive Director, Reliance Life Insurance Co. Ltd. * Mr. Navin Puri, Country Head - Branch Banking, HDFC Bank* Mr. Rajiv Anand, President Retail Banking, Axis Bank © Panelists : Dr. A K Saxena, CMD, Oriental Insurance Co Ltd * Mr. Yogesh Lohiya, MD & CEO, IFFCO Tokio General Insurance Co Ltd * Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance Co Ltd Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Co Ltd * Dr. Dinesh Kumar Tyagi, CEO, Common Services Centers (CSCs) SPV * Mr. Gauri Shankar, Executive Director, Punjab National Bank Limited * Lunch Parallel Session III Life Insurance Digitization of Life insurance (across the value chain) – from promise to reality The spread of digital technologies is a mega trend that has been recognized and acknowledged in the recent past. The real question now is how do companies convert this trend into real business benefits? – from on line sales, to digitization of processes to achieve efficiency and enhanced customer experience. Non-Life Insurance “Driving market creation” in underserved segments The Indian general insurance market is dominated by motor and health. However, current General Insurance penetration levels are still below expected levels and are particularly low in underserved segments like SMEs (asset protection at 0.1% relative to 3% for developed markets) and Home (less than 1% relative to 95%+ in developed markets). In this backdrop the session will introduce the key insights from the McKinseyFICCI report “Driving market creation: Towards inclusive growth” to guide the discussion. Panelists will explore in detail underlying factors resulting in low penetration in these segments along three dimensions: Consumers (awareness, sophistication and preferences), Insurers (product, technical capabilities, operating model) and other industry participants (distributors, regulators, reinsurers). The session will also delve in to potential initiatives at policy, industry and insurer level which can help the industry to significantly improve penetration in these underserved segments and in turn achieve Vision 2025 Moderated by Mr. Ashish Iyer, Partner and Director, BCG © Moderated by McKinsey Partner Panelists: Panelists: 04.00 pm – 04.15 pm Mr. Kshitij Jain, Managing Director, Exide Life Insurance Limited* Mr. Vignesh Shahane, CEO, IDBI Federal Life Insurance Co. Ltd © Mr. Yashish Dahiya, CEO, Policy Bazaar © Mr. Vikas Agnihotri, Director Travel and BFSI, Google India* Mr. Saujanya Shrivastava, Chief Marketing Officer, Bharti AXA Life Insurance Co. Ltd © Mr. Puneet Nanda, Executive Director and Chief Marketing Officer, ICICI Prudential Life Insurance Co. Ltd* Tea/Coffee 04.15 pm – 05.00 pm Plenary Session I Growing Urbanization in India: Developing Resilient cities-Role of Insurance Mr. Milind A Kharat, CMD, United India * Mr. K. K. Mishra, MD & CEO, Tata AIG * Mr. Swaraj Krishnan, CEO, Magma Fincorp * Mr. Srikanth Venkatesan, VP, IBM India * 05.00 pm – 06.00 pm Plenary Session II Pensions Welcome Remarks: Mr. Amitabh Chaudhry, Chair, FICCI Insurance and Pensions Committee and MD & CEO, HDFC Life Insurance Co. Ltd. © Special Address: Shri Hemant G Contractor, Chairman, PFRDA © * Invited ©Confirmed 10/11/2014
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