With an objective to discuss various key contemporary and regulatory issues for robust development in furthering Financial Inclusion & Micro insurance Industry and exploring the elusive ‘God particle’, ASSOCHAM held the “6th Global Insurance Summit – Finding the ‘God Particle” on September 24th – 25th, 2012 at Hotel The Taj Mahal Palace, Mumbai.
The Summit was graced by Shri J Hari Narayan, Chairman, IRDA, as Guest of Honour who shared his thoughts and views with the participants in the Inaugural session. The Summit was a great success with the presence of many key industry leaders such as Dr. P. Nandagopal (MD & CEO, IndiaFirst Life Insurance Co. Ltd), Mr. A R Sekar (CMD, The New India Assurance Co. Ltd), Mr. G. Srinivasan (CMD, The United India Insurance Co. Ltd), Mr. S Roy Chowdhury (Member – Life, IRDA) and many others.
Financial Inclusion can be possible only when people have access to a full suite of quality financial services, at affordable prices, in a convenient and flexible manner. Speaking on the theme of ‘Finding a God Particle’ in the insurance industry in India, speakers stated that Micro insurance was definitely the need of the hour to suit the needs of the poor people, irrespective of geography or demography and that is sustainable in the long term.
In another discussion, the urge to insurers was to shift from product centricity to customer centricity. Panellists explained that a customer centric organizations product is only one dimension of a multidimensional customer relationship and experience. The ability of an insurer to deliver a customer experience tailored to changing customer needs will enable them to expand customer base and build customer loyalty.
Last but not least, the industry discussed alternate means of distribution to reach the customer with the right product at the right cost. Speakers suggested exploring new channels such as the web, mobile phones, fresh channel partners and harnessing technology to create a successful link between the insurer and customer.
