With a very hot and pertinent theme “Reinsurance: Disrupted” Asia Insurance Review, with GIC Re as co-organiser, is excited to once again provide this platform for both insurers and reinsurers as well as the intermediaries to come together to take stock of the state of the Indian insurance market and the world of reinsurance in India.
With the tech revolution, in the era of disruptive innovation, and Insurtech/FinTech, this theme is critical! It is a New World of Reinsurance, where reinsurance is hailed and blamed reinsurance is seen as leading and enabling the disruption as well as not doing enough in the tech era.
Then the reinsurance world itself is changing with ILS making greater inroads, primary insurers buying reinsurer, big getting bigger and the call for specialist focus growing as well. Cyber & Nat CAT are taking centre stage as areas that need greater attention and action.
How will India cope to change traditional systems to address new trends? Technological and structural change is one of the biggest risks affecting the global insurance industry over the next few years. How will this affect India?
Interestingly, the rate at which digital is penetrating in India is faster than ever before. The time is now for insurers to develop a future-ready strategy and continuously innovate by having a prudent look at macro-level disruptions happening in their own backyard. Changing population demographics, visionary programmes by the government eg ‘Digital India’ and the rapid penetration of disruptive technology has transformed the industry.
Leadership must work with a ‘millennial’ mind.
The Future Leadership: India’s youth demographic is a growth advantage and India is enroute to reap the massive economic benefits from this advantage. Accelerating digital technology adoption in the Indian insurance market is a must especially with newer government initiatives such as ‘Modicare’ which reinforce the need to digitise operations, from front to back. The bottom line: leadership must work with a ‘millennial’ mind.
The India Rendezvous, launched 12 years, to showcase the Indian insurance industry and creating a networking platform for insurers, brokers and reinsurers, has also come to be a thought-leadership platform with several global CEOs sharing their insights. Over the 11 years, the numbers have been increased from 200 to some 650 delegates to a sell-out audience with support from IIS, UNCTAD, Geneva Association, and FAIR. Effectively with all the meetings and guests attending, each year sees more than 1000 industry professionals at the Rendezvous.
The India Rendezvous hopes to be the impetus to catapult discussions on how India can establish itself not only as a Reinsurance Hub, but as a Futuristic Hub for the region. It is imperative to innovate and stay relevant. The rise of web aggregators, chatbots; and the rise of new-age insurers and insurtechs are here to stay.