From(L to R) Dilip Ukey, vice-chancellor, Maharashtra National Law University,Sharad Mathur, MD and CEO, Universal Sompo General Insurance, Devesh Srivastava, CMD, GIC Re at an event in Mumbai to release survey reports prepared by Insurance Institute of India
The survey further found-reskilling of human resources as an important prerequisite for future sustainability, pricing, reinsurance support and capital availability are marked by the planners as areas needing special attention, data management, analytical tools and ERM Technology would be important for making organisations ready to manage disruptions
Mumbai:
Indian insurance companies have managed the Covid 19 crisis well. While adapting the business strategies to accommodate the new way of working in post covid 19 world, the captains of Indian insurance industry appear to be ready and resilient, according to a survey conducted by Mumbai based Insurance Institute of India(III).
III, devoted solely to insurance underwriting education released two survey outcomes, one on “risk” and another on “Telemedicine”. The survey was conducted on 230 respondents from 29 organisations.
Industry is looking to accelerated growth in business volumes in future. The crisis has accelerated the trend toward automation and digitization. Management of the risks associated with technology and with respect to employee wellbeing and safety have been on priority list of insurance managers, the survey noted.
The survey further found-reskilling of human resources as an important prerequisite for future sustainability, pricing, reinsurance support and capital availability are marked by the planners as areas needing special attention, data management, analytical tools and ERM Technology would be important for making organisations ready to manage disruptions.
Sharad Mathur, MD and CEO, Universal Sompo General Insurance unveiled both the survey reports
Dilip Ukey, vice-chancellor, Maharashtra National Law University (MNLU) shared that the Insurance Institute of India (III) and MNLU plan to launch a joint initiative for insurance industry participants in the area of insurance laws
The crisis has indicated the need for accelerating innovation in products and distribution, accepting technological interventions, reviewing the cost structure, upskilling and reskilling human resources, said Deepak Godbole, secretary general,III.,
The survey was conducted on 230 respondents from 29 organisations and broad finings are-
90 % of the respondents feel that Indian insurance industry is resilient enough and will not greatly be impacted
by Covid-19
70% of the respondents think that the growth of insurance industry will be in line with the earlier trends
44% of the respondents perceived technology risk as the top risk envisaged for survival in near future
25% of the respondents feel inadequate attention to technology and 24% of the respondents feel inadequate
ERM could make a dent in the insurance operations
41% of the respondents feel inadequate reinsurance support and 35% of the respondents think capital shortage
are areas of concern in foreseeable future.
Data management and analytics seems to be a vital factor by the 54% of the respondents for successful
operations in long run
41 % of the respondents think that the even after the pandemic is over remote working could be resorted to
28% of the respondents feel that the end of pandemic is just not predictable whereas 28% think that it may
continue for few more years but will not impact on the growth of economies globally