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On July 08, 2010, Planman Media hosted a special meet, as a part of its Thought Leadership Summit series, this time covering an industry in flux in contemporary times – insurance. The meet was titled ‘Insurance: The road ahead’ and was held at India Habitat Centre, New Delhi. The tone was set by Rahul Aggarwal, CEO, Optima Insurance Brokers Pvt Ltd, who talked about the growth areas within various categories of general insurance wherein he emphasised upon the fact that health and motor insurance would be the key growth drivers. Mario Perez, Director-Marketing and Sales, Canara HSBC OBC Life Insurance traced the evolution of conventional distribution channels and discussed how banks as a channel for distribution of insurance have begun to play a critical role in building the interest and trust factor related to insurance products in India and how the role of bancassurance will become crucial in coming times. A S Narayanan, Head-Bancassurance, Corporate Buisness and Direct marketing, Bajaj Allianz Life Insurance threw light on the trends in both the global as well as the Indian insurance industry. He talked at length about the challenges facing the Indian insurance industry; however his main focus was on the regulatory changes which are in the pipeline. According to Narayanan, while the intention of the regulators behind bringing changes is good, it will be beneficial to only a select segment of the consumers and the insurers will not be in a position to serve a greater population base. He said that such regulatory changes will impact the insurance industry in such a way that the basic fundamentals would have to be altered in order to sustain. The final speaker was the VP and Country Head of Royal Sundaram, Prashant Singh, who gave a ray hope by saying that all is not over in the insurance industry. He analysed the insurance sector in the country using various parameters and illustrated the critical factors that will play a big role in the years to come in this industry.


 





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