NIA Conducts Insurance Summit

The Insurance fraternity in India watched with baited breath as industry veterans came down on a common platform to express their views on topics of concern to the industry. The venue was Hotel Taj President, Mumbai and the platform, aptly called Insurance Summit 2006 was provided by National Insurance Academy School of Management (NIASOM). This is an annual event that has been initiated by the management students of NIASOM. According to the Director of the institute, Dr. K.C. Mishra, who believes more in the virtues of practical learning than classroom learning, this event was an opportunity for the students to hone their managerial skills by being involved in the organizing of the seminar.

Perspectives of the speakers were heard on an array of topics as Regulations, Life Insurance, Product Development, Detariffing, Marketing in Insurance, Distribution Channels Management, Pensions and Social Security. The event held on 9-10th February 2006, was graced by the presence of distinguished insurance industry professionals as Mr. B. Chakraborty, CMD of New India Assurance Company Limited who also happens to be the Chairman of the governing board of directors of NIA and Mr. R.K.Joshi, CMD (G.I.C. of India). The first day of the seminar was highlighted by the presence of such eminent personalities as Mr. K.K. Srinivasan (Member, IRDA), Mr. M. Ramadoss (CMD, Oriental Insurance), Mr. M.K. Garg (CMD United India Insurance Company Limited), Mr. Praveen Vashishta (CEO – Howden Broking Services), Mr. Liyaquat Khan (Vice Chairman, Watson Wyatt), Dr. R. Kannan (President-Actuarial Society of India) and Mr. R.J. Solomon (Director-Global project, Asia-Pacific, Marsh & McLennan). On 10th February, such brilliant orators as Mr. Gary Bennett (CEO Max New York Life), Mr. Sanjay Kedia (Principal Officer-Marsh India),
Mr. Andrew Clarke (CEO, Aon Global Services), Mr. Amitabh (ED-Marketing, L.I.C. of India), Mr. Arun Patil(VP-Marketing, OM Kotak Mahindra), Mr. K.N. Bhandari(Former CMD, New India Assurance), Mr. S.P. Subhedar(Sr. Advisor, Prudential Asia) expressed their thoughts on topics like Marketing, Distribution Channels etc.

The most exciting of all the sessions turned out be the Panel Discussion – Kshitij, moderated by Mr. G.V. Rao(Former CMD, Oriental Insurance), where Dr. H.
Sadhak( ED & Principal MDC, L.I.C.), Mr. Praveen Gupta(GM, Bajaj Allianz General Insurance), Mr. V. Ramasaamy( CMD, National Insurance) and Mr. K. Muralidhar(COO, SBI Life) voiced their opinions regarding health insurance, detariffing and pricing.
Research papers were also presented by students of NIASOM and other colleges from various parts of the country. Student authors of thirteen papers were felicitated on the occasion, amongst which three were selected to be best papers and rewarded with a cash prize of ten thousand INR each. The seminar owes its success to the support granted by the Principal Sponsors – Marsh and National Insurance Company Limited, the Co-sponsors- Oriental Insurance Company Ltd., New India Assurance Company Ltd. and Kotak Mahindra OM Life Insurance Ltd. And the Affiliate Sponsors – L.I.C. of India, G.I.C. of India, Bajaj Capital and Max New York Life Insurance Company Ltd. The media partners Sahara Samay and the Academic Partners – Bombay Chamber of Commerce and Industry, also played a pivotal role in the success of the seminar.
The Insurance Summit was truly an endeavour towards helping NIASOM realize its dream of becoming a world class institute. The seminar turned out to be a collage of thoughts on various issues concerning the Insurance industry. The seminar gave an opportunity to ignite young minds and help them have an in-depth look at the insurance industry. This interface was meant to bring together the different people belonging to the insurance fraternity so that they can share a symbiotic relationship for better introspection and circumspection, leading to the door of synchronized growth of the industry. For NIASOM, this is just the beginning of its journey towards excellence.