Leverage
Technology to make insurance affordable & enhance coverage: IIB CEO
·
Technology can
enhance coverage & reduce cost
·
200 delegates
participated with more than 30 coming from different Asian countries
Technology
should be leveraged to make insurance more affordable in India. As an IT-savvy
nation, India should use Technology as an important tool to increase the
coverage of uninsured population and hence help in reduction of the insurance
policy cost. As the total insured population in India is a very small base, the
role of technology to push the product through multiple channels including
Internet, Mobile will help increase the coverage.
This increased coverage will
reduce the cost of insurance and make it more affordable to the common man, Mr. R Raghavan, CEO – IIB, said at the “IIRFA 2016”, the Annual Conclave of Insurance Information and Ratemaking Forum
of Asia, at Hyderabad on May 26-27, 2016.
Since
Insurance is a Push Product and India is not a risk sensitive country, the
Insurance companies and Government – Center & State need to collaborate and
incentivize the need for taking an insurance cover. The most important
insurance required in India is Health Insurance and all players need to work
together to increase the coverage in the population as it helps reduce the cost
and make it affordable.
The farm insurance is another very important insurance
cover and role of technology is paramount to both increase the coverage as well
reduce the cost, he said at the IIRFA 2016 Conclave.
Data
is integral to operations of insurance companies and use of sound & stable
data – its integrity, authenticity & security besides its reliability play
a key role to take considered decisions. Google, the largest search engine
& Technology and Service Provider is preparing its back-end to explore an entry
the Insurance industry. With the availability of huge data at its disposal on
the large population of India and its mapping on all our online activities,
Google is considering the entry into the insurance industry by leveraging the
data at its disposal.
The
inaugural address was given by Mr. T S
Vijayan, Chairman – IIB & IRDAI and there were many interesting sessions
on Rate Making & Insurance Analytics
with Mr. Byung Moon Yoo, GM – Training
Team, Korea Insurance Development Institute, Mr. Kazunori Onoe, MD – General Insurance Rating Organization of
Japan (GIROJ) among two other speakers.
The Panel Discussion on the Use of Big Data in Insurance Fraud
Management had speakers sharing their experience in Health Insurance, Motor
Insurance, Life Insurance, fraud verification and agency fraud in life
insurance. Dr. V. Thiruppugazh, IAS, Joint Secretary (Policy & Plan),
National Disaster Management Authority, Government of India had a very detailed
presentation on disaster management – issues, challenges & opportunities.
He spoke about how the country is not a risk-sensitive nation and despite
repeated natural & man-made calamities; Indians still are not willing to
take insurance cover.
Insurance Information Bureau of India
(IIB) is hosting the IIRA 2016 Conclave. IIRFA is a pan-Asian body of Insurance
analytics and ratemaking bodies and its annual conclave is held in a different
member country each year. This year, it is being held in India, hosted by IIB.
IIRFA 2016 has twin themes of Ratemaking and
Insurance Analytics & Financial Inclusion in Insurance.
Special sessions on Life Insurance Analytics and Disaster Management and
Financing are part of the programme as are Panel discussions on Fraud Control
using Big Data Analytics and the integral linkages between micro-finance and
micro-insurance.
Over 200+ delegates attended the IIRFA 2016 at Hyderabad to share and
discuss critical developments in Insurance Analytics and to showcase initiatives
in Financial Inclusion in insurance as well as lessons learnt.
Established by IRDA in 2010 as a
single platform to meet the needs of Indian insurance industry, IIB gathers transactional
level data on insurance from both Life and General Insurers performs analytics
for the benefit of the Industry, policy makers, Regulator and the public at
large.
Within
a short span of time, IIB has taken significant strides towards making an
impact on the insurance industry and the society at large.
A few notable
initiatives
V-Seva: A repository
of Vehicle Insurance policy information. Police, insurers and the-public can
check whether a vehicle has a valid insurance policy or not at any point of
time using this service.
ROHINI: The Unique
Hospital Id Initiative, captures all hospitals in India which falls under
Health insurance provider network through a unique ID helping reduce fraudulent
claims, and making health insurance more affordable in the long run.
Property
Insurance:
Analytics of product pricing in Fire insurance, concentration of exposures,
impact of natural catastrophes, etc., enabling insurers to be more prepared for
the risks undertaken by them.
Health
Insurance:
Publication of Health Burning Costs.
Motor
Insurance:
Analytics Reports of IIB is treated as a benchmark by the actuaries at general
insurance companies for pricing.
IRDA
has extensively used data from IIB to effect the revisions to the third-party
motor insurance premiums.
IALM
reports, the DNA of life insurance products and their pricing, will now be
published under the aegis of IIB.
About IIRFA 2016
Insurance Information and Ratemaking
Forum of Asia (IIRFA) is an organisation voluntarily created by Insurance
Analytics organisations of Asian Countries. Currently the membership
comprises: Korea Insurance Development Institute (KIDI), Insurance Premium
Rating Bureau of Thailand (IPRB), Insurance Services Malaysia Berhad (ISM),
Taiwan Insurance Institute (TII), General Insurance Rating Organization of
Japan (GIRO), Insurance Association of China (IAC) and Insurance Information
Bureau of India (IIB).
Indonesia
Financial Services Authority (Otoritas Jasa Keuangan – OJK) has expressed
desire to enroll as a member.
The objective of IIRFA is to enable
Insurance Analytics bodies in Asia to meet, interact and exchange information
on the state of Insurance Analytics in their respective countries. For more
details, visit www.iib.gov.in
For further Information please contact:
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