International Research Conference on Innovation for Insurance Inclusion – The Way Forward

The International Research Conference was organised on 23rd August 2024 at National Insurance Academy, Pune, a premier institution for education, training and research in Insurance, Pension and allied areas. The theme of the Conference was “Innovations for insurance inclusion- The way forward”

Renjit Gangadharan Joint Charge Director and V Balagopal Joint Charge Director welcomed the Dignitaries, National & International speakers, industry experts, academicians, delegates and students for gracing the international conference on "Innovation for Insurance Inclusion- The way forward." They emphasized the need for innovative solutions to make insurance accessible, affordable and understandable to align with the goal of "Insurance for all by 2047."

G N Bajpai Chairman, GovEVA Private ltd. In his inaugural address talked about the stagnation in India's life and non-life insurance industry and emphasized the need for innovation to make insurance more inclusive, accessible, and affordable. Bajpai urged exploring advanced technologies, like smart contracts to create innovation and create pull products. He also suggested making use of technology to focus on four frames: Pricing, Accessibility, Affordability and Sustainability to cater to the large untapped market.

Satyajit Tripathi, Member (Distribution) IRDAI in his keynote address, correlated the changing Demography and customer expectations through an evolution of technology over the past two decades, particularly in telecommunication and car industry. He talked about how the Big Data/AI is bringing technological innovations in the field of Health and Motor insurance. He also spoke about the emerging risks and the necessary measures to be taken to face those challenges.

The vote of thanks for the Inaugural session was delivered by Dr Sanjay Mali, Principal, PGDM and he thanked to prominent speakers, distinguished guests, industry experts and special invitees, which was followed by panel discussion and paper presentations.

The panel discussion was on the theme of “Legal & Regulatory Reforms for Insurance Innovation”, moderated by Varun Gupta, Partner and Director, E&Y. The panel was enriched with dignitaries like Prasun Kumar Das, Secretary General, Asia Pacific Rural and Agricultural Credit Association, Bangkok, Damayanthi Fernando, Director General, Insurance Regulatory Commission of Sri Lanka, Satyajit Tripathy, Member (Distribution), IRDAI and Praveen Trivedi, Executive Director, IFSCA. V Sathyakumar, Chair Professor (FISS) at NIA, delivered the vote of thanks for the panel discussion and expressed gratitude to the prominent speakers, distinguished guests, industry experts, and special invitees for their valuable contributions and participation in the event.

The paper presentation rounds were organized into three tracks, each held at different venues with active participation. Track 1, covering Technology & Insurance, was moderated by Amit Roy, Partner & Leader of Insurance & Allied Businesses at PwC India. Track 2 focused on Innovations in Insurance, moderated by Dr S Doss, Professor at NIA. Track 3, addressing Leadership, Gender Diversity & Insurance Inclusion, was led by G N Bajpai, Chairman, GovEVA Private Limited. These sessions showcased insightful discussions and innovative research contributions.

The valedictory session was led by Sanjay Mali, Principal of PGDM, who spoke about NIA's PGDM program and the conference. This was followed by insights from the Chief Guest, Dr Anil Keskar, Head Research Center Balaji University. V Balagopal, Joint Charge Director, NIA announced the Best Paper Award winner and presented the prize and certificates to the award winners. The first award was won by Tejashree Taware, Faculty P A Inamdar University and the second award was won by a team of Utsavi Kumar, Rushikesh Kalambe & Diksha Singh (PGDM Students, NIA).

Finally, Dr S Doss, Professor at NIA, and the conference coordinator delivered the vote of thanks, expressing gratitude to the prominent speakers, distinguished guests, industry experts, and special invitees for their valuable contributions, bringing the event to a successful close.