September
15 , 2011
Dr.
P Nandagopal
MD
& CEO, IndiaFirst Life Insurance Company Limited
Chairman, ASSOCHAM Insurance Committee
Dear
Sir/Madam,
Global
Insurance Summit
Indian
Insurance: Developmental Drive into Next Decade
September
20 – 21st, 2011 – Hotel Trident, Nariman
Point, Mumbai
Chief
Guest: Shri Montek Singh Ahluwalia, Deputy Chairman,
Planning Commission
Guest
of Honour: Shri J Hari Narayan, Chairman, IRDA
Special
Guest: Shri D K Mittal, Secretary, Department of financial
services, GOI
The
insurance industry in India has completed a decade
since liberalisation and opening up of the sector
to private and foreign participation. The sector plays
a critical role in the context of the overall economy
in terms of providing an instrument for savings to
the population, pooling and transferring risk from
individual and institutional customers and generating
funds for investments into the capital markets and
into various “real” sectors. In the past
decade, the industry has made progress on various
fronts – significant acceleration of the growth
trajectory of the industry from the pre-liberalisation
era; several innovations across products, channels
and customer segments; development of new distribution
channels like banks and online. During this period,
the life insurance industry has grown at over 25 percent
and has emerged as a top 10 market in the world, with
over USD 60 billion in terms of total premiums. The
general insurance industry, during the same period,
has grown by over 15 percent and is close to USD 10
billion in size.
While
the previous decade was primarily about growth, the
next decade will be on ensuring adequate focus on
both growth and profitability. The industry is at
an inflection point today and is entering into a crucial
phase in terms of its evolution. While the previous
decade was primarily about growth, the next decade
will need to much more about balancing growth with
profitability. While the Indian insurance market will
continue to be one of the most attractive markets
for growth globally, the paradigm for success is likely
to change significantly. The change will be driven
by discontinuities in regulations, customer behaviour
and technology adoption. In this context, the players
who will emerge winners will be those who can adapt
swiftly to the new paradigm. More importantly, developing
a healthy industry with the multi-fold objectives
of penetration, reach and protecting consumer interests
will require co-ordinated efforts from all stakeholders
– insurance companies, policy makers, other
service providers.
With
the objective of facilitating a discussion among various
stakeholders on the future of the industry, opportunities
and challenges for various stakeholders and requirements
for success, ASSOCHAM is organizing a Global Insurance
Summit on September 20 – 21 , 2011 at Hotel
Trident, Nariman Point, Mumbai. We have invited Dr.
Montek Singh Ahluwalia, Deputy Chairman-Planning Commission,
Shri J. Hari Narayan, Chairman-IRDA, Shri D K Mittal,
Secretary-Department of Financial Services, Ministry
of Finance, Shri D K Mehrotra, Chairman-LIC and Shri
G Srinivasan, CMD-New India Assurance Co. Ltd.. We
have also invited Speakers from US, UK, Australia,
Singapore, South Africa etc. to address the participants
in the Summit.
We
shall be grateful if you could kindly join us at the
summit and mark your diary to attend the summit on
September 20 – 21st, 2011 at Hotel Trident,
Nariman Point, Mumbai. We would also request your
organization to be the Partner/Sponsor of the Summit
as per details enclosed for your kind reference.
Looking
forward to hearing from you and with kind regards,
View
Attachment
Yours
sincerely,
(P Nandagopal)
