India's insurance business was full of promise when it was liberalised in 2000, but in 2012 the industry was besotted by losses as a result of regulatory changes and a sharp slowdown in economic growth. Despite these hiccups, both life and non-life insurers have no doubt that, in the longer term, growth prospects still exist. By Jimmy John
It has been over two years since the IRDA issued guidelines restricting the design and pricing of unit-linked insurance plans (ULIPs). This was just the beginning of a series of regulatory changes. Milliman's Mr Sanket Kawatkar and Mr Richard Holloway take stock of the current state of the industry and explore if consolidation is needed in the near future.
Mr Vivek Jalan from Towers Watson discusses how investment capital from the possible increase in the foreign direct investment limit and initial public offerings may put the Indian insurance sector back on the growth track.
As companies look to develop customised products, Mr Rohan Sachdev from
Ernst & Young in India advises that customer-centricity, product simplicity, improved claims and relationship management, as well as risk based pricing and focus on data mining, are necessary ingredients to meet the evolving needs of today's customer in India.
Mr Peeyush Agarwal of Tata AIG General Insurance Co looks at motor insurance in India, particularly at its regulations and guidelines, and highlights certain flaws in the existing system with the aim to start a discussion for a better and transparent tomorrow. He says that it is a beginning towards amelioration, and a lot more can be done in this direction.
Despite the sluggish growth and dismal business environment, foreign players have not given up on their Indian dreams. The vast potential in the market is something these companies cannot afford to ignore and one such company that has just set up its life JV with the Avantha group of India is ERGO. Mr Andreas Kleiner, Member of the Board of Management of ERGO International AG and responsible for Asia and Turkey, talks about the new JV and the road ahead for the company.
By Jimmy John
Apollo Munich Health Insurance Co recently won the Asia Insurance Industry Awards for "Innovation of the Year". In an exclusive interview with Asia Insurance Review, CEO Antony Jacob speaks on the importance of the Award and what it means to him and his company.
By Jimmy John
To address ballooning healthcare costs, all stakeholders should look towards using business intelligence tools such as data analytics to keep track of costs, revenues and resources. Ms Shobha Mishra Ghosh and Mr Sidharth Sonawat from The Federation of Indian Chambers of Commerce and Industry look at ways data analytics is being used to optimise health insurance and healthcare services.
The liberalisation of India's insurance industry in 2000 brought a number of insurance groups from different parts of the world: life, non-life and health, reinsurers, actuarial and allied consulting firms, and most importantly something unique to India - off-shored actuarial work. At the same time, what has come to be known as Global Conference of Actuaries was also started. Mr Liyaquat Khan, the immediate past President of the Institute of Actuaries of India, provides a snapshot on a number of constituent elements to the story of India as an actuarial destination.
By Ms Leena Chacko, Partner, Amarchand & Mangaldas & Suresh A. Shroff & Co