Increasing insurance penetration

Description:Srinivasan concluded that insurance penetration will improve if regulations are reduced and people are expected to bring in lesser capital. The second session focussed on the role of alternative insurance, moderated by Liyaquat Khan, Managing Partner of Global Risk Consultant and a former long serving president of the Institute of Actuaries of India. He was of the view that the confluence of the alternative channels of insurance with the existing one, if brought about with supporting regulations and controlled experimentation, can speed up universal inclusive insurance. Anil Kumar Singh, Chief Actuarial Officer, Birla Sunlife Insurance, relied upon his vast experience in the field to suggest best practices for cooperative insurance, while G Mallikarjun, General Manager, Reserve Bank of India, and former OSD, IRDAI, expertly blended his experiences of working with both the regulatory bodies to put forward succinct and practical suggestions on the the cooperative format. Kalim Khan, Director, Rizvi Institute of Management Studies and Research, spoke about the urgent need for sustained mass education to bring about inclusive insurance. Arun Agarwal, India Representative of Lloyds Insurers, gave the concluding address, saying that insurance will only be inclusive when insurance mutual and cooperatives cater to the underdeveloped sections of the economy through instruments such as healthcare management.

Views: 2302 Date: 2018-10-01 Favorited: 78