Pune: 18th Annual C. D. Deshmukh Memorial Seminar got underway at the National Insurance Academy, Pune a premier institution for education, training and research in Insurance, Pension and allied areastoday. It’s a 02 day seminar (12-13th January 2017).
Late Sri C D Deshmukh (1896 – 1982) was an eminent Scholar, educationist and a pioneer in the Insurance & financial arena. As a Finance minister he took the momentous task of Nationalisation of the Insurance Industry.
This year theme of the seminar is “Life Insurance in the Digital Era” and the topics for the discussions are:
a. Impact of Technology in designing Life Insurance Products & their Pricing
b. Impact of Technology on the Distribution of Life Insurance
c. Impact of Technology on Processes & Operations of Life Insurance Companies
d. Impact of Technology on the Life Insurer’s Bottom line, Structure and Future (Sustainability)
e. Impact of Technology on delivering value to the Customers
In his welcome address Shri Sushobhan Sarkar,Director NIA said that the Insurance companies should consider Digital Insurance in a proactive posture. It is up to the present Insurance companies to take a proactive posture in embracing the Digital Insurance as the Digital Insurance has the ability to transform the business of Insurance companies and their relationship with their customers.
The disruption has been transforming customer behavior and leading to more informed choices as consumers make their decisions after thoughtful research, keeping in mind specific financials goals. The digital era has changed the consumer mindset, making them active consumers rather than passive ones.
With the invent of Digital Insurance the Pricing, distribution, deliberation, structure, products, premiums and claims in life insurance industry will become more accurate and easy data access.
Prof.RajatMoona, Director General, C‐DAC in his Key Note address said that the “deprivation is the source of excellence” and in 1988 C-DAC was established to develop super computers.
He talked about the on Vision of digital India-Focused major transactions of human life. Post demonetisation gives enormous opportunity for cashless transaction and in the next 5 to 10 years the way of financial transactions will be totally different. He touched upon 3 major vision of digital India. Those are-
1. Digital infra utility to every person.
(Interms of application, internet and hardware) high speed internet (atleast 8mbps). He talked about Importance of digital identity that is online authenticable system. Enabling mobile phone and bank account to participate in digital and finance space. Safe and secure cyber space. Easy access to common service centre. Talked about digital locker. QR code as identity and certification. QR code is assign to digital locker.
2. Demand in governance and services.
Services like Direct benefit transfer. Integration between departments and jurisdiction. Example- Passport applying. Citizens will be entitled to available in cloud. Enabling cashless financial and electronic transaction. Services digitally transformed for improving ease of doing business.
3. Digital empowerment of citizens.
He talked about Back end which is always digitalise in entertainment sector and also in some private sector. Focused on digital literacy, accessible digital resources and availability of digital resources.
Focused on 9 pillars of digital India:
Broad band highways, e-governance, universal access to phones, IT for jobs, information for all, public internet connection, e-Kranti, electronics manufacturing and early harvest program.
He also talked about E-Hastakshar, Block chain technology & Big data Analytics and business intelligence.
The other prominent speaker were Sri K S Gopala krishnan, CEO, Aegon Life Insurance Company limite, Sri Sunil Sharma, Appointed Actuary, Kotak Mahindra old Mutual Life Ins Ltd,SriSaisrinivas Dhulipala Appointed Actuary,Bajaj Allianz life Insurance Co ltd which were on the panel discussing “Impact of Technology in designing Life Insurance Products & their Pricing”.
Dr S D page, Head I T Deptt NIA, gave a presentation on the Changing Digital Society & what it means to the Life Insurance Business.
Sri P K Rath, Chair Professor gave the vote of thanks & Sri S SNadkarni&SmtShalaniTewari did the comparing.Ms VeenaPurohit& Ms B J Sane sang a Marathi Song highlighting the contribution of Late Sri C D Deshmukh to the Indian society