Under the leadership of Prime Minister Mr. Narendra Modi, the dynamic current government of India changed SEA foreign policy for SEA region from “Look East” to “Act East” policy to make its relations with East Asian neighbors a foreign policy priority at a time when the United States has engaged in a “pivot to Asia”.
As a result, over past 3 years, is evident that there has been significant focus and drive by Government Institutions along with Public, Private and Associations. Now SEA countries are recognized as new growth engine for India. This is first ever Indian SEA Insurance Conclave is its evidence and I am here to witness it.
The Indian Chamber of Commerce along with Insurance Institute of India, Indo Thai Chamber Of Commerce, Life Council Of India and PwC as Knowledge Partner, has launched “Emerging Asia Insurance Awards and Conclave 2018” to be held at Bangkok on 28th May 2018 to bring SEA insurance business diaspora together under umbrella , exchange ideas with acknowledge, honour and recognize Insurance Companies in Life, General and Health Insurance across India, Bangladesh, Thailand, Sri Lanka, Nepal, Bhutan, Myanmar, Laos and Cambodia.
ASIA INSURANCE SECTOR – THE SUSTAINED GROWTH ENGINE
Emerging market life premiums are forecast to grow by 14.9% in 2017 and by 10.9% in 2018, sustained by robust growth of savings products, particularly in emerging Asia. Demand for savings products in emerging markets are key driving factors for premiums in the life sector, where premium growth is expected to be significantly stronger than in non-life. Moreover, emerging Asia, compared to other markets, will likely have the strongest growth in non-life premiums over the next two years, forecast to be nearly 8% in 2017 and 9% in 2018, Yet, the overall penetration rate in Asia is still at 3-4%, against global average of around 8%. However, this also indicates the high growth potential of this market. At the same time, the regulatory landscape continues to evolve as Asian markets tighten capital requirements, adopt the Common Reporting Standard and tighten regulations on consumer protection and cyber security.
Panel Discussion: ” The Future of Insurance: Rise of Automation, Robotics and Artificial Intelligence: Go Digital, Stay Human”
My most interesting section was to discover the business view of industry experts on Automation and Robotics. Insurance Industry has digitized on a large scale using chatbotsand other forms of Artificial Intelligence, but, there is a critical need for Emotional Intelligence – the need to connect with people, if Insurance Industry is to grow. Moreover there is a crying need for Compassionate Capitalism, if employment and income grow, the Insurance Industry would be one of the biggest beneficiaries. Its interesting to take note from panelists that automation and robotics is on high priority for most of SEA Insurance companies.
Its was an insightful discovery for me to listen viewpoints of all panelists which include Management Representatives from HDFC ERGO General Insurance Company Limited , SBI General Insurance, LIC Nepal , Green Delta Insurance Co Ltd Myanmaar, GICBhutan and Myanmaar Insurance with Moderated by Mr Amit Roy, Director Insurance , PwC India.
Gallery/Glimpse of the Event
(Above) Opening Address by Mr. Tadthep Sujithorn, President, Thailand Insurance Institute
With Mr. Abhijit Ghosh Dastidar, CEO, LIC Nepal, and
Mr. Adeeba Rahman, CEO , Delta Life , Dhaka
With Lim Brothers (Harold Rim, ANZIF Ambassador of Myanmar ; AICLA Councillor of Myanmar; Chaiman JPL Group of Companies, Thailand and
Donald Lim, Execuive Director, JPL Group Thailand
With Mr Mr. Tadthep Sujithorn, President, Thailand Insurance Institute
(Right) With Mr Rajeev Singh, Director General, Indian Chamber of Commerce, India