Fintelekt is one of India’s foremost platforms to discuss trends and developments in the field of insurance – both life and general. In its 5th year, Fintelekt has always brought together topics, and figures of relevance in its agenda.
The event was kickstarted by Mr. Sudhin Roy Chowdhury, the ex LIC and ex IRDAI veteran of the insurance world, who succinctly summarized the current state of the industry, growth prospects and what challenges need to be address as soon as possible.The insurance industry, according to Mr. Roy Chowdhury,is at the cusp of a growth explosion in India. With the FDI limits increased to 49%, the industry will see a lot of new products, more customers and challenges.He also emphasized on the need for insurers to focus on upcoming technologies to deliver value. Analytics, in his opinion will be the game changer.
This was followed by a panel on the challenges in the Life insurance business and how players are gearing up to meet them. Shirish Pathak, CEO – Fintelekt, was the moderator and he began the panel discussion with asking the panelist what they thought were the changes they were witnessing in the life insurance area. With the who’s who of the life insurance space, the 90 minutes allotted for the discussion seemed to fall short.
There was a similar panel focused on the general insurance business and health insurance as well. The key themes that emerged were the need of technology ROI to be time bound, and product innovation to be relevant to the need. General Insurance business runs on tight profit margins, and as such technology needs to deliver returns very quickly. A gentleman mentioned that any technology that doesn’t deliver an ROI within 3 months, would be useless for his company.
Kamal Kishore Das, Insurance Director from Aureus spoke about the changing role of technology in insurance. He emphasized on the need to move away from advanced reporting to predictive analytics at the point of decision. What most enterprises use today is advanced reporting and not analytics. His talk emphasized on the need to take a more problem solving approach with analytics rather than rely on a process focused approach that reporting provides. Kamal’s presentation can be accessed here:
The key takeaways from this event can be summarized into 3 broad points:
- Technology is a well-known enabler in the insurance space. However, technology has to work with business and IT to deliver quick ROI.
- While product innovation is important, it cannot be blinded. Innovation has to follow to fulfill a real need and not just fill up the product catalogue.
- The Insurance market in India is at the cusp of a growth explosion. Only those player who can keep up with the changing dynamics of business, technology and real consumer requirements, will see any relevant growth.