Page 30 - Digital Edition SIRC Supplement

MARKET REPORT - INDIA

internet users, more than 60% ourselves the risks of others. To maintain our health in this
access it through mobile phones scenario would be our biggest challenge, especially in India
and it is for us insurers to use where insurance culture is yet to take off in a big way.
these platforms to reach out to
those not included. We are an emerging insurance market, still to plant our
feet firmly. Catastrophic events will continue and given the
To be successf u l i n t he past trend will increase in frequency and ferocity. If we are
Indian market, any insurer unable to adapt to the changing scenario, it would be difficult
will need to innovate simple to survive.
and need-based standardised
products. While integration of Very often we speak about risk-based pricing but I always
these with existing channels of take it with a pinch of salt. As risks continue to increase, it is a
distribution with a human face very distinct possibility that the risk-based pricing of insurance
and online mode will create a could become unaffordable and hence counter-productive.
winning combination, neither
of the two alone will be able To wish that all risks are obliterated would be to push
to make any impact on the ourselves out of business. However, we can work to arrest
customer. Further, the focus the deterioration of the risk scenario, but it will have to be a
should be on “to catch them concerted effort by all stake-holders in the game.
young” so that we are able to
develop the first generation
of insurance-savvy Indians.
Hence, the focus should be not only to promote financial
inclusion but also to create financial awareness amongst
common Indians.
Adapting to the changing scenario
It is not only the retail commercial lines that we should be
looking at. Infrastructure expenditure by the government is
also going up, giving a boost to the industries. This should
also give a boost to our corporate books. As we get more
globally integrated, a variety of insurance covers would become
mandatory for the industry. We should be prepared for that
too.
Climate change and its consequences are another hot-spot
for the insurance industry and especially in a country like ours
which is prone to natural catastrophes. These events will affect
us, the insurers and reinsurers drastically, as we take upon

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28 SIRC Supplement • November 2015 • www.asiainsurancereview.com Back to Contents