Insurance Sector and Way Forward - It's Not Just Insurance: The Many Faces of Risk Transfer
14th Annual Legal Era India Conclave 2025 | Panel On Insurance Sector and Way Forward - It's Not Just Insurance: The Many Faces of Risk Transfer
The panel discussion under the theme "It Is Not Just Insurance: The Many Faces of Risk Transfer" presents a comprehensive examination of India’s evolving insurance sector at a pivotal moment in its development. Industry leaders, regulators, and practitioners highlight that insurance in India is transitioning from a traditional financial product into a multifaceted strategic tool supporting economic resilience, inclusion, and growth. This transformation is driven by technological advances, regulatory reforms, and shifting market dynamics, while facing challenges such as regulatory complexity, operational inefficiencies, and investment hesitation. The conversation underscores the need for a balanced regulatory framework, customer-centric innovation, and ecosystem-wide collaboration to achieve the vision of "Insurance for All by 2047."
Key Highlights:
- Transformation of Insurance Role: Insurance is increasingly a risk management and economic development enabler.
- Regulatory Evolution: Reforms improve transparency, digitization, and governance, though excessive micromanagement affects agility.
- Investment Climate: Despite 100% FDI allowance, foreign capital inflows remain cautious due to governance concerns.
- Customer Experience Challenges: From purchase to claim settlement, processes remain cumbersome, especially in health insurance.
- Developmental Role: Insurance supports climate resilience, infrastructure risk-sharing, and financial inclusion through parametric insurance and derivatives.
- Balancing Market Expansion and Consolidation: Regulatory cost norms create pressures on new entrants, prompting differentiated frameworks.
- Technology Integration: AI and digital tools enhance fraud detection, risk pricing, underwriting, and claims processing with human oversight.
- Digital Infrastructure Initiatives: Programs like National Claims Exchange, Bima Sugam, and Digital Health ID improve efficiency.
- Product Innovation and Distribution: Simplified, bundled, and community-driven insurance products are critical for penetration.
- Data Privacy and Cybersecurity: Emerging data protection laws require insurers to adopt stringent controls over personal data.
Featured Panelists:
- Anil PM, Head - Legal & Compliance and Chief Compliance Officer, Bajaj Allianz Life Insurance Company Limited
- Ravi Bhadani, Partner, SNG & Partners
- Ashish Lakhtakia, General Counsel, Chief Regulatory Affairs & Company Secretary, Generali Central Insurance Co. Ltd.
- Sunder Krishnan S.V., CEO, Clarimonde Solutions
Moderator:
- Sameer Karekatte, Chief Legal & Compliance Officer, Zuno General Insurance Ltd.
Session Partner: SNG & Partners
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