INNOVATE | DISRUPT | DIFFERENTIATE

Download Brochure Webcast
Home | Editions: 2014 | 2015 | Call: +91 8268002164 | Email: info@et-insurance.com |


The Economic Times Insurance Summit 2016
THE ECONOMIC TIMES – INSURING INDIA: The Economic Times recognizes the significance of the Insurance sector due to increased contribution in the GDP and the well-being of the citizens and understands that development of this sector is crucial if India has to witness sustained development socially and economically. Given this, we are glad to present the third edition of the Economic Times Insurance Summit 2016.

ROLE OF TECHNOLOGY IN INSURANCE: Technology is disrupting many existing business models, and likewise has a significant impact on the insurance industry as well. Digital is not about incorporating technologies into the organization but reinventing the insurance organization, its culture to drive innovation, to drive change, to drive the business into the next generation. With rise in mobile users and cloud-based technology to social media interaction, insurance agents are finally realizing the need to be more agile, efficient and accessible in order to serve today’s customer. As a result, insurance agents not only feel pressured to digitize their workflow, but also must streamline business processes to make the cost of doing business more efficient and in-line with these regulations.
Insurance in lay man’s term means protection from financial loss. It is basically a way of managing risk against uncertain loss and proves to be a vital instrument for safety. In India, the insurance industry has transformed vibrantly, after liberalization, India has been viewed as one of the top emerging market, thus, opening opportunities for large insurance companies in the world to penetrate in the Indian market.

The growth of the insurance sector is viable only when the people understand the importance of insurance in their day to day life. While the urban population have invested in insurance policies, it is imperative to educate and create awareness about the benefits of insurance among the rural population. Insurance education helps a customer understand his/her needs and risks, the availability of insurance for managing risks, the importance of possessing an insurance product and knowing about the dos & don’ts before and after the purchase of an insurance policy. Insurance education, thus, helps to access the services of insurance sector in an informed manner and to promote market efficiency and flow of proportioned information for orderly growth of insurance industry. With more than two thirds of population living in rural areas and no access to insurance products, the insurance industry has to go miles to reach the unreached populous of the nation.
FACTS & FIGURES
  • The Insurance industry has registered Rs.138657.31 crore first year premium in the financial year 2016 i.e. 22.55% higher compared to the previous year
  • The general insurance industry has registered Rs.96393.94 crore premium in FY 2016 i.e. 13.8% more growth compared to the previous year.