The 3rd Emerging Asia Insurance Conclave 2022, organized by the Indian Chamber of Commerce here today, was attended by insurance industry stakeholders from pan Asia, including the BIMSTEC region.
Speaking at the forum on Digital Disruption in Insurance, Mr. Edy Tuhirman, CEO, Generali Indonesia observed how digital innovation was making significant positive changes in multiple areas of the insurance business, including claim settlement, customer relations and distribution channels.
Deliberating on the topic of Driving Customer Experience through Innovation & Digitization, Mr. Vineet Maheshwari, Chief Strategy Officer, PNB MetLife Insurance said that insurance as a product should be promoted as a tool for garnering financial security. He felt companies should focus on ensuring a smooth on-boarding experience for the customers through the use of digital technology.
Speaking on the future of Health Insurance, Mr. Joydeep K Roy, Partner, PwC, India FS Advisory Leader and Global Health Insurance Practice Leader felt that it is important for the health insurers to anticipate claims in advance, to ensure a better claim settlement experience for the customers. As regards to technology adoption, he advised companies to wisely choose their center of gravity and be lean organizations.
Mr. Ravi Krishnamurthy, President-Operations & IT, SBI Life Insurance Co Ltd informed that the adoption of AI and ML can drive productivity in the insurance sector. He opined that digital is not a technology, it is a culture!
Mr. Sudhin Roy Chowdhury, Retired Director, LICI and Ex -Member Life, IRDAI spoke on the role of LIC in promoting insurance in the BIMSTEC region.
Mr. Mohit Rochlani, COO, SUD Life Insurance deliberated on Innovation and Insurance Penetration in the Gig Economy. He informed that India has emerged as the 5th largest country for flexi staffing after the US, China, Brazil and Japan.
Mr. Wafi Shafique Menhaz Khan, DMD, Green Delta Insurance Co Ltd spoke on the role of ESG for Insurance.
Delivering the welcome address Mr. Atanu Sen, Head, ICC Committee on Banking, Financial Services and Insurance called for the need for flattening hierarchies to promote increased adoption of AI in the insurance industry.
The key theme that emerges is as processes are becoming digital and more efficient and automated, people need to stay human with the ‘human touch’.
The Vote of Thanks was given by Ms. Madhuparna Bhowmick, Director, Indian Chamber of Commerce.