20th Insurance Summit “Unveiling the future- Industry 5.0: Digital Innovation in Insurance”

Mumbai, Oct 04: The flagship event of the National Insurance Academy, Insurance Summit, 2024 was organized on 3rd October 2024 at Taj Lands, Santacruz, Mumbai. The theme of the summit was “Unveiling the Future- Industry 5.0: Digital Innovation in Insurance”.

The National Insurance Academy (NIA) is a leading institution dedicated to nurturing top talent for the insurance sector. Its strong ties with the industry provide practical, real-world insights that shape its training, education, research, and consultancy efforts. With over 1,200 alumni from its PGDM program and having trained thousands of professionals through its Management Development Programs (MDPs), NIA is committed to developing the finest talent in the insurance industry.

After welcoming the speakers on the dais, the lamp-lighting ceremony was performed to commence the event. The Joint Charge Directors, NIA, Renjit Gangadharan and V Balagopal welcomed all the Dignitaries, panel members, presenters, delegates, press, and participants. In opening remarks, they mentioned that the insurance sector is on the brink of transition with the use of cutting-edge technologies and rapid digitalization, including Big Data, Artificial Intelligence, and Machine Learning. Customers today expect proactive risk management and personalized products. They said that the agenda is designed to explore the technologies of the future and their adaptation in the industry. They expressed that this event should mark a milestone for the entire insurance industry. Digital 5.0 isn’t just about machine learning and automation like 4.0, but about developing smart systems with a human-centric approach to improve customer experience sustainably, through collaboration between humans and technology.

Satyajit Tripathi, Member (Distribution), IRDAI, in his special address, expressed his gratitude for being invited to the summit. He discussed how digital innovation has transformed industries, leading to hybrid work culture and online exams during the pandemic. This transformation has also significantly impacted the traditional insurance industry, especially in operations like underwriting and risk assessment in policymaking.

He highlighted the upcoming launch of BIMA SUGAM and stated that IRDAI's methods for monitoring companies and intermediaries have evolved, with digital processes in place to detect deviations and ensure risk mitigation for policyholder safety. Despite fraud analytics in place, some fraudsters continue to create misleading schemes and mis-sell policies. He stressed the importance of closing all loopholes to protect policyholders.

Natural disasters, such as cyclones, are now better monitored, allowing timely communication of protective measures. He emphasized the need for improved risk modelling, increased use of technology to enhance efficiency, and the preparation of SOPs to handle difficult situations. Digital risks are also emerging alongside digital innovations, and necessary steps must be taken to keep these risks in check to prevent potential disruptions.

He advised students entering their careers to stay informed about technological advancements and maintain preparedness, as the current pace of technology deployment is more disruptive than ever before. A sense of alertness is necessary to protect the industry from upcoming technological disruptions.

Siddhartha Mohanty, CEO and MD, LIC of India in his keynote address, said that the 20th Insurance Summit is going to set an agenda in the age of technological advancement. With technologies such as AI, Big Data, Machine Learning, and Cloud Computing, significant improvements have been made in industry processes. Industry 5.0 will place the human at the centre of these advancements.

He insisted that Data privacy is a major concern with the growing use of digital platforms, and it is essential to ensure that digital innovation complies with regulations. Customer trust and experience need improvement through user-friendly digital platforms, where customers can interact with the machines as seamlessly as with humans. Workforce adaptation is also critical, and employees must be upskilled to work with new technologies.

Mohanty elaborated that AI, ML and Blockchains are used to improve underwriting, claims processing and fraud detection. The cost of technology investments may impact profit margins. He stressed that Insurers, operating globally, must adhere to multiple regulations, and improving data privacy through technologies like blockchain is essential. Strong cybersecurity measures, including live monitoring of chatbots used for customer interactions and claims processing, must be in place.

He stressed that adopting an open API ecosystem can create a more cohesive technological space, improving integration. Digital customer onboarding and dynamic pricing can be greatly enhanced through Insurtech solutions. Predictive analysis can also be used to identify fraud in claims processing and avoid losses. Digital simulation and twin technology can assess risk, particularly in the property and casualty space. Offering more personalized products can help insurers shift from transactional relationships to more trust-based connections with customers.

Mohanty elaborated that Peer-to-peer insurance models, where risks are pooled and managed by communities, are still in their early stages. By embracing new technologies, the industry can not only improve existing processes but also transform to give better customer experience. Industry 5.0 emphasizes a balance between machines and humans, creating collaborative ecosystems instead of replacing human involvement.

The vote of thanks for the inaugural session was delivered by Jayashree Sridhar, Chief Administrator, NIA, in which she thanked the prominent speakers, distinguished guests, industry experts and special invitees, press fraternity for gracing the occasion.

The Inaugural session was followed by two panel discussions & one presentation round.

The first-panel discussion was on the theme of “Embracing the new age technologies: Envisaging Industry 5.0”, moderated by Amit Roy, Partner and Leader, Insurance and Allied Business, PwC India. The panel comprises of T Babu Paul, Executive Director, National Insurance Company Limited, Debashish Banerjee, Partner-Insurance Leader | Al and Analytics Leader, Deloitte India, Rajiv Gupta, President, PB Fintech Ltd. (Parent Company of Policy bazaar and Paisabazaar), and Neeraj Malhotra, CEO, AccelTree Software.

The presentation round focused on the theme, "Insuring the Digital Core: Risk Mitigation Strategies Optimizing the Insurance Value Chain," moderated by Dr Steward Doss, Professor, National Insurance Academy, Pune. The presentions were on “Industry 5.0 – Collaborative AI Driving Digital Innovation in Insurance” by Vinay Kumar Sankarapu, Founder & CEO, Arya.ai, “Applications of Emerging Technologies – Data Analytics in General Insurance” presented by Subhobroto Ghosh, Director of Data Analytics, Allstate Insurance, “Digital Innovation Driving Optimization of the Insurance Value Chain – Underwriting & Product Innovation in Life & Health Insurance” by Sumit Ramani, Co-Founder & Actuary, ProtectMeWell.com, “Industry 5.0 – Applications of Emerging Technologies in General Insurance” By Mr. Pankaj Kumar, VP & Head of Engineering - Cloud, Application, and Data, Value Momentum and “Optimization of the Insurance Value Chain through Digital Marketing” by K Murlidar, Executive Director (Digital Marketing), LIC of India.

The final panel discussion was on the theme of “Data Protection, Privacy and Insurance - Enhancing Cyber Security and Building Resilience”, moderated by Swayamjit Mishra, MD & Partner, BCG. Other panellists were Dr Pavan Duggal, Founder, Pavan Duggal Associates, Naavi Vijayashankar, Chairman, Foundation of Data Protection Professionals in India (FDPPI), Suresh Balakrishnan, Principal Consultant, Xsentinel Risk & Claim Advisory and Priyesh Pradhan, Senior Underwriter (Professional Financial Risks and Cyber), Markel Services India.

The Summit was concluded by vote of thanks given by Gayathri Iyer who thanked every panel member for their valuable insights, special invitees, delegates, NIA Faculty members & Staff members, media for the event coverage and young and creative minds of NIA for making the event successful.

The 20th Insurance Summit was coordinated by Steward Doss, Gayathri Iyer, Sandeep Pande and Dr Shruti Nagar and faculties along with the PGDM students of NIA.