Interviews
Subhash Chandra Khuntia chairman, IRDAI
``Presence of a health regulator would have ensured treatment protocols, reasonability of charges and quality of service in hospitals''
How do you see 20 years of liberalisation of the Indian insurance sector? Is it a success story? What more need to be done? The liberalisation of the Indian insurance sector has been beneficial in several ways. The insurance penetration has increased from 1.93% of...
Alban de Mailly,Nesle,Chief Risk and Investment Officer, AXA Group
``Biodiversity provides medicine and food of good quality and fights against climate risk, it makes sense to protect it''
Why is biodiversity important for AXA? If we take a cold review, $33 trillion is the estimated monetary value of goods and services that ecosystems provide. What that means is that ecosystems play a large role in our economies. If we do not ensure that...
Alby Van Wyk, Executive Vice President, Asia, Munich Re Automation Solutions
``Millennial buyers and the maturity of digital tools will bring about profound change in insurance distribution models''
How do you see the situation triggered by the Covid-19 Pandemic and its extensive impacts on insurers? The biggest challenges and impact insurers are facing due to Covid-19 are: (1)the inability to sell face-to-face (this is pretty much how insurance was sold to date) (2)the...
SN Rajeswari,General Manager,New India Assurance
``Traditional products will become simpler and standardized,the demand will be more for innovative products to cover emerging risks''
How do you see the broad trends in the Indian general insurance industry? The Industry has been growing at a CAGR of around 15% since 2002 to date, despite challenges like detariffing, motor TP pool etc. in the interim.The trend of growth should continue in...
Rana Biswas, Vice Presidents,Insurance & Wealth Solutions,APAC,Equisoft
``Insurers are fast-tracking their digital adoption to survive Covid-19 Pandemic''
How do you see the situation triggered by the Covid-19 Pandemic and its impact on the Indian insurers? Firstly, COVID-19 has reset the rules of the game for insurers. The entire value chain— from prospecting, underwriting, customer onboardingand finally claim settlement—, all have to be...
Reena Bhatnagar,General Manager and Jouint Charge of CMD, GIC Re
``Our strategy is to increase footprint in the developed economies while maintaining and growing market share in our part of the world''
Which are the segments of business where GIC Re is seeking leadership globally? GIC Re has emerged as a major regional reinsurer and aspires to grow into a major global reinsurer. This is on account of our higher share of domestic reinsurance business at about...
Catherine McGuinness, Chair of the Policy and Resources Committee, City of London
``There will be a post-Brexit trade deal between India and the UK''
How is City of London preparing for Brexit as it is now very certain? Departure from the EU on 31st January is just the end of phase 1 of the Brexit process. The future trading relationship still needs to be resolved, and negotiations will be...
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance
``Industry should focus on product innovations, especially in the pension space''
Govt has formed a high level panel under IRDA chairman SC Khuntia to bring about wide ranging fresh set of reforms in the Indian insurance sector? What are you suggestions to the panel on reforms required for the Indian insurance industry? IRDAI is constantly bringing...
RM Vishakha, MD & CEO, IndiaFirst Life Insurance
``Raising FDI limit will provide opportunities to existing players as well as to new players''
How do you see the govt’s decision to allow 100 per cent FDI for insurance intermediaries. What will be its impacts on the industry particularly on the insurance broking front? The govt’s decision to allow 100 per cent FDI for insurance intermediaries is an enabling...
