Festival of Manufacturing
On 7th Dec 2022, we are back again with the 9th edition of our Annual Insurance Summit. The ET Insurance Summit in its last 8 years has addressed the challenges faced by the insurance industry and is a much looked forward to premium event to hear about the latest trends, challenges, and sectoral growth stories.
The insurance industry has proved to be most resilient during the pandemic. The non-life industry has registered a 12.7% growth and the life insurance industry has registered 10 % growth- according to a latest IRDA number.
India is vastly under insured, with only 5 % covered under home insurance, 20 % for life insurance and hardly 2 % for cyber insurances. There is still only 25 % of the population who are covered under health insurance, according to a recent survey and the path to growth is to bridge this gap. There is a large MSME population who are not covered yet- This is where the future growth story is all concentrated on.
In the recent Bima Manthan meet, Insurance companies have been advised to come up with plans to achieve insurance penetration of 6.18% by Fy27. We need deep-scale insurance penetration in all parts of the country which would in turn depend on the ease of doing business, amongst the customers, intermediaries, and the insurance players.
The summit will discuss the strategies employed by top management in deploying growth initiatives, for building a lasting stake holder relation by an increased focus on key innovation areas. This year, we will concentrate on understanding what the road to growth is paved with – aided by deep insights from the top management from Life and Non- Life industry.
Growth is hand-in hand with innovation and change and we will discuss this in our CEO panels specifically targeting Life, and Non-Life Insurance companies. We will discuss the different distribution models, regulation and compliance strategies and have a special focus on preventive care in an exclusive session.
The event in the past years has garnered the attention of the insurance spectrum and will be attended by CEOs / Founders / COOs / EDs / CMDs / CTOs and other senior management personnel from the sector, leaders from other corporates, senior officials from the government ministries and policy makers, amongst others.
Festival of Manufacturing
India’s manufacturing sector, through the years, has managed to set a tone for innovation and has today become the most sought-after destination for foreign investments in manufacturing. Adding to it, Hon’ Prime Minister Narendra Modi-launched program, ‘Make in India’ and ‘Make for India’ has given Indian manufacturing the well-deserved global recognition. What lacks today is a dedicated day to celebrate the accomplishments of Indian manufacturing. Worldwide Media Pvt Ltd (A Times Group Company) has conceptualised & executed, Festival of Manufacturing, which will bring together the manufacturing plants across India to recognise, celebrate and monumentalise India’s manufacturing sector.
The event will bring together conglomerates, MSMEs, start-ups, associations, financial, R&D, and educational institutions under one umbrella to celebrate India’s proliferating manufacturing sector.
In this new emerging landscape, companies will need to develop new products to satisfy this new demand. Further, as online transactions are gaining prominence, insurers will have to re-think the sustainable distribution models, premium underwriting and filing claims in the New Normal.
The pandemic has also changed the claims pattern: The life insurance claims increased 5-10 times post the 2nd wave, while general insurance like motor insurance etc., have witnessed a dip.
Given this context, can the insurance industry exploit the changing market situation to its advantage?