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Grand Hyatt, Mumbai

Brought to you by



An Economic Times Initiative



PENETRATION fell to 3.3 per
cent in FY15, compared to 3.9 per
cent in FY14. Insurance penetration in
2005-06 was at 3.14 per cent

Finally emerging from a difficult economic period caused by the

global financial crisis, the Indian insurance industry has begun
to show positive premium growth and the rates of return on
fixed investments have also improved. Although moderate, this
growth signals a turnaround for the industry and, combined
with recent capital pressures, stronger stock markets, higher
premium growth and cost containment efforts may indicate the
start of the next hard market for insurers. In fact, according to a
report, the Indian life insurance sector is likely to grow between
12-15% in financial year 2015 -16 and will be marked with
much increased reach, premiums and density. Further, plans
from regulatory agency IRDA to introduce newer channels for
distribution such as insurance marketing firms only adds to the
optimistic outlook.


figures have risen to $55 in 2015 from
$52 in 2014. Comparing globally,
insurance penetration stands at 6.2 per
cent, while density is at $662 for 2014

However, notwithstanding the improvement in penetration

and density in the last years, India largely remains an underpenetrated market. The market today is primarily dependent on
push, tax incentives and mandatory buying for sales. There is
very little customer pull, which will come from with increasing
savings and disposable income. Till then the stakeholders
will increasing transparency of cost and pricing, effective
distribution and improving customer servicing to drive sales.
Attrition rate and skill development is one key area which also
holds the industry back as making consumer aware of products
and outlining benefits require considerable experience, an
expectation which is handled with difficulty due to constantly
changing staff. Another major challenge faced by the industry if
forming distribution channels, with which the smaller agencies
have operational limitations.

Programme Schedule
09.30 -10.00

Registration & Refreshments

10.00 - 10.30

Chief Guest Address: Insuring India: Insuring Growth

Jayant Sinha, Minister of State, Ministry of Finance

10.30 - 11.15

International Case Study: Comparison of markets and best practices - setting benchmark with the
international practices
Suggested Countries: Malaysia/China/Singapore

11.15 - 11.30

Tea/Coffee & Networking

11.30 - 12:45

Panel Discussion 1: Snapshot: Trends & future outlook for the Insurance Industry
Rajiv Mehrishi, Secretary, Ministry of Finance
Nilesh Sathe, Member (Life), IRDA
V R Iyer, Member (Non-Life), IRDA
D D Singh, Member (Distribution), IRDA
Representative of International Insurance Company
Moderator: Mayur Shetty, Banking Editor, Times of India

12.45 - 13.45

Lunch & Networking


The Economic Times

Track A - Life Insurance

Track B - General Insurance

13.45 - 15.15

Panel Discussion: Life Insurance: Challenges and

scope as the market grows
S K Roy, Chairman, Life Insurance Corporation of
Sandeep Ghosh, CEO, Bharti AXA Life Insurance
Rajesh Sud, MD & CEO, Max Life Insurance
Tarun Chugh, MD & CEO, PNB Met Life India
Sandeep Bakhshi, CEO , ICICI Prudential Life
Anup Rau, CEO & ED, Reliance Life Insurance
Arjit Basu, MD & CEO, SBI Life Insurance
Trevor Bull, MD & CEO, Aviva Life Insurance

Panel Discussion: General Insurance: Challenges

and scope as the market grows
Tapan Singhel, MD & CEO, Bajaj Allianz General
Rakesh Jain, CEO, Reliance General Insurance
K K Mishra, MD & CEO, Tata AIG General Insurance
Bhaskar J Sarma, MD & CEO, SBI General
Ritesh Kumar, MD & CEO, HDFC ERGO General
N S R Chandraprasad , CMD, National Insurance
Milind A Kharat, CMD, United India Insurance

15.15 - 15.30

Tea/Coffee & networking

Tea/Coffee & networking

15.30 - 17:00

Panel Discussion: Building the industry - Role of

Channels in shaping the industry
Kshitij Jain, MD & CEO, Exide Life Insurance
John Holden, MD & CEO, Canara HSBC Oriental
Bank of Commerce Life Insurance
K S Gopalakrishnan, MD & CEO, AEGON Religare
Life Insurance
Amitabh Chaudhry, MD & CEO, HDFC Standard
Life Insurance
Anuj Agarwal , MD & CEO, Bajaj Allianz Life
Vishaka R M , MD & CEO, IndiaFirst Life Insurance
Naveen Tahilyani, CEO, Tata AIA Life Insurance

Panel Discussion: Health Insurance - The

emerging sub-sector of the insurance industry
G Srinivasan, CMD, The New India Assurance
Bhargav Dasgupta, MD & CEO, ICICI Lombard
General Insurance
V Jagannathan, CMD, Star Health and Allied
Sandeep Patel, CEO, Cigna TTK Health Insurance
Ashok K Roy, CMD, General Insurance Corporation
of India
Rajesh Sud, CMD, Max Bupa Health Insurance
Antony Jacob, CEO, Apollo Munich Health
Taketoshi Nagaoka, MD, Universal Sompo General

17.00 - 17.45

Activity (TBC)

Activity (TBC)

17.45 - 18.00

Close of Conference

The Economic Times over decades has connected
with consumers at different levels while being an
inherent part of the India growth story. We do acknowledge that as the country grows along with
its diversified assets, there will be a strong need of
not just protecting these assets but instill a process of resurfacing without losses. In this respect,
insuring people, resources and assets will become
a crucial tool. With this in purview, the Economic Times is organizing the 2nd Annual Economic
Times Insurance Summit which will bring together
leaders from insurance industry to contemplate
on relevant topics like policy & regulatory changes, insurance in financial inclusion, technology
and consumer awareness strategies.

Considering that there is still large market to be tapped

by insurers, without which, nation will be burdened with
unprecedented costs the need of the hour is to for leaders to get
together and find probable solutions to challenges hindering
the growth of insurance industry.

Advisory Board Members

A K Roy

President, Insurance
Institute of India

Sandeep Bakshi

Arjit Basu
SBI Life

ICICI Prudential Life Insurance

K K Mishra

Tata AIG General Insurance

Sushobhan Sarker

National Insurance Academy

S K Roy

Yogesh Lohiya

IFFCO Tokio General Insurance
-Above advisory members are invited / confirmed

- Above speakers are invited / confirmed

International Delegation
This summit will have participation of leading players from the international markets in form of
international delegation. Suggested countries include UK, Australia, Singapore & Malaysia

This research paper will carry collated views of the industry and challenges that are hindering the
growth of progress. The white paper will be collated with the help of knowledge partner and will carry
views on topics ranging from future trends, financing models, market prices and control regulations,
public-private partnership, technological innovations and consumer awareness. This whitepaper will be
distributed to senior government leaders and industry stakeholders.

Product Launch
The Economic Times Insurance Summit will gather the most senior industry leaders from the insurance,
government, financial advisory and academic backgrounds and hence will be a perfect launch pad for
introduction of new technologies or new products. The launch is planned with evening gala dinner
amidst much fanfare and media representatives.

Who will attend?


Attend this forum to:

Understand the governments

perspective & their vision for
regulatory reforms
Acquire summary of the current
market scenario
Meet key policymakers, industry
influencers with different sustainable
Fathom the importance of
liberalizing the Insurance sector

Managing Director
Chief Executive Officer
Chief Financial Officer
Chief Product Officer
Chief Corporate/Legal Officer
Chief Technology Officer
Heads Business Development,
marketing, sales
Capital/ Wealth Advisors
Regulators/Policy makers

Public Sector
Insurance Companies
Banks (Public, Private &
Financial Institutes

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An Economic Times Initiative

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Partnership: Dharmesh Kapoor | M: +91 9619 411 502 | E:
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