NIA to host insurance summit on October 03

National Insurance Academy (NIA), Pune is organising the 19th insurance summit on October 3, in Mumbai. The insurance summit is the annual flagship event of the NIA. The event is being conducted every year since 2005. The theme for this year’s insurance summit is ‘reimagining insurance business: Insurance for all by 2047’.

NIA is a premier organization in India with a vision to be a global institution of excellence in learning and research in insurance, pension and allied areas. NIA has been conducting activities for insurance industry in the areas of education, training and research. In the changing risk landscape, insurance leaders, risk managers, brokers, and intermediaries are coming together to reimagine their future business models to align with the expected market changes.

Talking to Bizz Buzz, Dr Tarun Agarwal, Director, NIA, said, “India is a diverse and rapidly growing nation with a rich history and culture. It is the world's most populous country, with a population of over 1.4 billion people.”

India is one the fastest growing economies in the world and has made significant economic progress in the recent years, outpacing that of many other countries. As India continues to develop and modernise, insurance penetration which currently stands at 4.2 per cent will play a critical role in helping to protect individuals and families against financial risks and in fostering economic stability.

It is a significant indicator which reflects the level of protection available to individuals and families against financial losses stemming from unexpected events, such as illness, accidents, and natural disasters. It provides financial security to those who may otherwise be vulnerable to poverty or inequality due to unexpected expenses.

As per the Swiss Re report, India has a mortality protection gap of $16.5 trillion with an estimated protection gap of 83 per cent of the total protection needs, he said.

According to Agarwal, “The 19th insurance summit will provide a platform to the insurance industry and their partners, to reimagine their insurance business to provide insurance to every countryman by 2047, the year, when our country will be celebrating its 100 years of independence. We are quite confident that through the deliberations during the 19th insurance summit, the industry will come out with a road map to achieve the goal of insurance for all by 2047.”

The gathering of industry leaders and stakeholders will play a pivotal role in driving discussions, sharing insights, and collaborating to make this ambitious vision a reality.

Beyond mere coverage expansion, the vision is holistic: ensuring every individual and enterprise in India is protected with adequate insurance coverage. The industry aims to accentuate precision in innovative product offerings, unique customer experience, operational efficiencies through digital breakthroughs, fortified grievance redressal mechanisms, expanding business through omnibus distribution, and an environment encouraging business growth and innovation.