NOTABLE PAST DISCUSSIONS
Setting the Tone
Imagine a world without insurance. We wouldn’t have experienced such develovement that we see today. Insurance has enlabled the risk taking capacity of businesses which inturn has enabled the capacity to construct, transport, ship, build factories and offices and provide professional services. Insurance exists because people need security. Without insurance our daily life would be far less risk-taking and without any risk-taking there would be no innovation in businesses. Put simply, insurance is what enables the modern world to get on with life.
It is said that a well established and evolved insurance sector is an advantage for economic development of a country. It provides long-term funds for infrastructure development and simultaneously strengthens the risk-taking ability of the country. India has been on the growth path over the past decade and it is a denominator of India’s risk taking capacity, which reflects India’s Insurance sector. This has also been possible due to the privatization of the sector.
The Economic Times Insurance Summit 2018
Acting as the change agent, it is ET’s constant endeavor to address to the issues and matters of importance that are determinants to the growth of our nation. ET, through its various industry led initiatives, has been promoting the transformation India is witnessing at its every nook and corner and so ET announces the 5th edition of The Economic Times Insurance Summit to showcase the growth the sector witnessed, challenges faced and how it overcame the challenges and what will determine the growth rate of the sector in years to come? In this edition, we will take stock of the situation, analyze the past and draw the future. The one day summit will discuss all major aspects that needs immediate attention and bring forth the hidden opportunities. The agenda will be to explore:-
- Distribution challenges
- Right product for the Right Customer
- Meeting your top line
- Insurance penetration in hinterlands of the country (Awareness as well as establishment of a company)
- Public sector monopoly?
The Indian insurance sector has seen a rapid growth in the last one decade. The sector has witnessed new entrants, mergers and huge investments. The sector is so lucrative that foreign multinationals have expressed interest in merging or investing in domestic insurance companies as Government
policies restricts foreign companies to directly sell insurance in India. The question that arises is whether Government policies are favourable enough and does it promote ease of doing business and fair play? Since Insurance is a critical subject, it is important to frame policies that promotes investments and at the same time safeguards the public interest. Government has approved the ordinance to increase Foreign Direct Investment (FDI) limit in Insurance sector from 26 per cent to 49 per cent which would further help attract investments in the sector.
Future of Insurance Sector
It can be said without a doubt that the insurance sector in India is all set to grow further with more engagement from private, public and foreign companies. The Government policies also look promising and the overall insurance industry is expected to reach US$ 280 billion by 2020. Factors like growing middle class, growing population and increasing awareness for insurance are favouring the growth of the sector. It can be said that India’s insurance sector is at the crossroads of development and factors like distribution channels, focus on financial inclusion, and consumer’s need will drive growth in this sector.
Things to Watch Out
A world class platform, one-to-one meetings with solution providers and the opportunity to network with your peers will arm you with the information you need. The summit will discuss key challenges being faced, advancement in the sector and the opportunities. The summit will include: