INSURANCE: A GROWTH INDUSTRY, SAY CAPTIONS OF INDUSTRY
Optimistic note in Business Standard Insurance Round Table 2017. Read More:
CONGRATULATIONS TO OUR STRATEGIC PARTNER – SWISS RE
SWISS RE RECEIVES BRANCH LICENSE TO OFFER REINSURANCE IN INDIA
- Swiss Re is among the first five foreign reinsurers to receive branch license to operate in India
- Swiss Re to open new India branch effective 1 February 2017
- Kalpana Sampat to head India branch located in Mumbai
Swiss Re has received the approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in Mumbai. With the composite branch license, Swiss Re will be able to operate in India and offer both non-life and life and health reinsurance solutions directly to clients and brokers in the country.
As the Indian insurance sector is poised for strong growth with an average annual growth rate of 8 percent from 2017 to 2025 1 , Swiss Re is among the first five foreign reinsurance companies to obtain a license to sell reinsurance in India. Swiss Re’s newly licensed entity, Swiss Reinsurance Company Ltd, India Branch, will begin its operation effective from 1 February 2017.
Swiss Re Chief Executive Officer Reinsurance Asia, Jayne Plunkett, says: “This is a significant milestone for us.As a reinsurer, Swiss Re has served Indian insurers for over 87 years. Our new India branch, together with Swiss Re Global Business Solutions centered in Bangalore, represent our commitment and investment in India’s long term future, and our ambition to be part of this dynamic high growth market.”
“We will continue to be actively involved in supporting the development of the Indian insurance market and making India’s society more resilient. Our clients and partners will benefit from a combination of innovative, customised risk transfer and capital management solutions, as well as our knowledge transfer and risk services support and delivery,” adds Jayne.
Kalpana Sampat, currently Managing Director of Swiss Re Services India Private Ltd, will head the Swiss Re India branch as its Chief Executive Officer (CEO). She will be responsible for developing the reinsurance business and operations of the branch. She brings with her 30 years of life insurance industry expertise with experience in insurance, audit and law, and has a profound understanding of the business culture.
Kalpana Sampat, CEO of the India branch, says: “India is a high growth market for Swiss Re and we are committed to the healthy and sustainable growth of the insurance market here. With Swiss Re’s global experience, strong financial ratings, large net capacity, deep insight and proven underwriting knowledge, we have a strong value proposition for India and will generate significant value to our clients and partners in the market.”
Over the years, Swiss Re has worked closely with various sectors across the Indian insurance industry to deploy a number of reinsurance solutions in the areas of life, health, agriculture and infrastructure.Swiss Re will capitalise on its more than 150 years of insurance knowledge, act as a trusted partner to the industry, lend support in pricing, product development, risk mitigation, risk management, claims handling, technology development and data analytics to the insurance market in India.
1. Source: Research & Consulting, Swiss Re, inflation adjusted compound annual growth rate.
Notes to editors
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to- large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated “AA-” by Standard & Poor’s, “A1” by Moody’s and “A+” by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe. Swiss Re has been associated with Asia since 1913 and has over 1,900 employees in Asia-Pacific.
Careers: MBAs rule the roost in insurance sector
Nearly 62% chief executives across India’s life insurance, health insurance, general insurance and reinsurance companies have management degrees while a fifth have been associated with the ICICI Group in the past, a study on the composition of the insurance C-suite in the country by executive search firm EMA Partners has revealed.
Reet Bhambhani, practice leader-BFSI at EMA Partners India said that the insurance industry has traditionally attracted talent from the incumbent retail financial services sector, with focus on sales and distribution competence. This, she said, is changing rapidly with the evolution of alternate distribution channels including digital platforms, ecommerce and growth of online insurance products in general.
“With the industry attaining a level of maturity, we are likely to see more stability and consolidation of talent at the top in the industry. Insurance companies in both life and general (segments) are pushing aggressively on the digital front and are roping in talent with expertise in areas like innovation, digital marketing and operations,” said Bhambhani.
The study covered 23 life insurance, 17 general insurance, six health insurance and four reinsurance companies. Excerpts from the study shared exclusively with ET:
visit of Mr. Paul Murray , Actuary & Chief Pricing Officer , Swiss Re visited our BIMTECH campus
Swiss Re is a strategic partner of BIMTECH.
MR. PAUL MURRAY, M.D. SWISS RE IN BIMTECH CAMPUS
An engrossing helicopter view of the world insurance scene, trends and future contours was what the PGDM (Insurance Business Management) students and faculty got in the nearly two hour interactive session with Mr. Paul Murray today (September 13, 2016) who was on a visit to BIMTECH Campus, Greater Noida.
Swiss Re is a strategic partner of BIMTECH.
Mr. Murray’s comprehensive 60 minutes plus presentation covered all aspects of current concerns in insurance such as protection gap, catastrophic risk coverage, epidemics coverage and Swiss Re’s approach to risk management.
The session was attended by 100 plus students and faculty from the insurance domain. It was enlivened with students’ queries spanning from IRDAI’s policies on re-insurance, current trends in world reinsurance markets, wearables and their impact on life and health insurance etc. The Q&A session lasted for about 50 minutes.
Mr. Murray, an actuary, is the Chief Pricing Officer of Swiss Re is stationed in London and has been serving Swiss Re for over 13 years. He has also seen service in E&Y and Old Mutual.
A high value sharing encounter like no other!
Lyceum – Discussion on important / relevant issues pertaing to insurance industry took place on 03/09/2016
LYCEUM FOR INSURANCE – A GRAND EVENT!
Saturday, September 3, 2016 was a red letter day for PGDM-IBM 15-17 and 16-18 btaches. For on that day four composite teams of students from Ist and IInd year made presentations to industry veterans and two senior most alumni panelists on cutting edge themes – agricultural insurance, health insurance, ULIP and motor insurance.
The session commenced at 10.00 am. There was active student as well panel interaction on all the subject covered.
The panelists were Mr. Saurabh Verma, Vice President, Almondz Insurance Brokers, Mr Rajan Walia, Marsh Insurance Brokers, Mr. Sourabh Singh,Associate Consultant- Agriculture Hanover Re, Mr. Kingshuk Chakraborty, Head Risk Management, Hanover Re, Mr Vineet Kamra, Vice President-Speciality ,Allianz Insurance Broker, Mr. RishiRaj, Vice President, Skymet Weather Service Private Ltd.
The presentations were followed by very detailed comments from each of the panelists on their area of specialization. Searching questions from students and the moderator Prof. K. K Krishnan were dealt with in an exhaustive manner, which covered almost all areas of life and general insurance.
Prof.Ms. Rawat, Chairperson, welcome the audience, Prof. Manoj Kumar Panday, proposed a vote of thanks. The preparations for the event were handled by Prof. Monika Mittal and Prof. Pallavi Seth Singh.
The Ist prize for Lyceum presentation was won by Gaurav Pahariya (IInd Year) & Abhijit Mishra (Ist Year). The other prize winners were Mr. Shashank Mishra (IInd Year) Sumedha Pandy (Ist Year), Devidutta Mohanty (IInd Year) & Prachi Dubey (IInd Year) and Jayesha Miglani (IInd Year) & Aninda Bhattacharjee (ist Year).
Prizes are also handed over to 9 students for their entries being shortlisted in the Swiss Re Re-Imagine competition.
All in all, a very eventful day where Lyceum for insurance, the Ist among different streams in the campus were successfully executed by students and faculty of PGDM-IBM!
Have a look at some of the scenes from the event::
ON JULY 4, 2016, 62 BRIGHT YOUNG WOULD-BE-MANAGERS ON TO BRIGHT CAREERS IN INSURANCE
Appropriately on the day of independence of one of the world’s most advanced democracies, 62 bright young men and women have launched themselves on a very rewarding academic and career path in insurance from the pioneer of insurance learning in India, BIMTECH. Wish the bright lads and lasses the best of luck on their voyage of discovery!
Glad to post few pics from the first day, first show, 9.30 a.m., July 4, 2016……….
AN ALUMNI VISIT LITS UP THE CAMPUS !
Today, July 24, 2015 was great day, because I had the joyous experience of the unannounced visit from one of our insurance alumni, Rahul Jindal from the 2004-05 batch. He was the same lively and bubbly Rahul that I knew and sported his trade mark infectious smile. We had a long chat about the wonderful time we had in the campus which was just being set up then after shifting from Pushp Vihar. Both of us could laugh at many of our teething troubles that we faced then in the new campus.
Let me try to capture Rahul‘s enthusiasm in his own words:
“I feel great being in BIMTECH once again after completing my studies during 2004-05.
I recollect the wonderful time we had and the great teaching experience we received from various faculty in the insurance department.
Apart from the BIMTECH PG Diploma, I am now in the final stages of obtaining the CBAP qualification from IIBA, Canada. I am already an FLMI from LOMA. I also have CII qualification.
My first job was through a campus placement from the institute in to an insurance domain. Then I branched out to a specialization in IT related to insurance. The job I did in Exchange in Technology was a combination of both. Then I shifted to CSC where I have worked for 3.5 years, which was also a great learning experience and where I got opportunities to acquire more professional qualifications.
Today, I am working as a Business Analyst manager EXL Services. Now I am planning to migrate to Canada. Trust me, all this has been possible because I took the PG course in insurance from BIMTECH. Now I am treated as an insurance subject expert. My fond hope is to touch the sky very soon!
I am so proud of BIMTECH and the education it gave me that soon I will visit the Campus again with my wife and daughter to show them where my life and career were shaped……”
I told Rahul to visit us soon and promised to take him to the classes!
CII-UK- BIMTECH TIE UP FOR DUAL DEGREE PROGRAMME
The Birla Institute of Management Technology (BIMTECH), Greater Noida has launched a dual degree programme named “Post Graduate Diploma Plus” for its PGDM-Insurance Business Course students in association with Charted Insurance Institute –UK on July 2nd 2015.
Formal launch function was held in the BIMTECH campus where Mr. Steve Jenkins , Director-Financial Service , CII-UK was the Chief Guest. Dr H Chaturvedi , Director , BIMTECH while welcoming guests talked about the changing business environment, growing opportunities and the ever increasing requirement of the talent pool in insurance industry. He shared that BIMTECH & CII-UK had been collaborating since 2010 in form of accreditation of its PGDM – Insurance Business Management course. The new arrangement is a step to take the existing relation to the next level. Under the new arrangement being put in place , the students successfully completing the programme will achieve dual qualifications: the CII’s Diploma in Insurance and the Post Graduate Diploma in Insurance from BIMTECH.
Steve Jenkins, CII’s Director of Financial Services and Insurance Markets express his happiness on the ongoing partnership with BIMTECH. “We see this new programme further endorsing BIMTECH’s commitment to improving professional standards by increasing levels of technical insurance knowledge which in turn drives higher levels of professional behaviour. Students who gain the CII’s Diploma will recognise that they are well equipped to progress to the highest levels of professional development.” he said.
The function was well attended by guests from insurance industry , Mr. Sainesh Dar , Director – CIIFS (SAARC Region), Ms. Zainab Fidia , Project Manager – CIIFS (SAARC Region) , Faculty Members and the students.
WHY BIMTECH? / WHY INSURANCE?
( OR HERE’S HOW WE PLACE YOU ON SUCCESSFUL PROFESSIONAL CAREER PATH IN INSURANCE )
- BIMTECH, established by Dr. Mrs. Sarla Birla and Mr. B.K. Birla, has been imparting AICTE – approved post graduate management education for the last 27 years from the National Capital Region. We share the values from Birla traditions and legacy.
- BIMTECH was the first among all management institutes in India to offer professional risk management and insurance study course (PGDM – Insurance Business Management) from Year 2000, as soon as the sector was liberalised by the Government of India.
- BIMTECH has consistently been rated for the last three years by leading rating bodies such sthe National HRD Network, MBA Universe, Business Today and Nielsen as being in the top 10 in India’s private B Schools and among the top 20 of public – private B Schools of India.
- BIMTECH has the unique distinction of being a LOMA (USA) Centre for Examination in India following our MoU with LOMA, wherein we impart LOMA – material based educational courses to our insurance students. Besides, we are one of the approved learning centres authorized by International Institute of Business Analysis (IIBA) Canada to offer Level I Certification Course in Business Analysis. Our students, on completion of their two year studies are entitled to 210 credits for examination conducted by CII, UK and III, and quite a few of our courses have inputs from CII, UK.
- We have a multidisciplinary and industry experienced faculty delivering insurance study courses supplemented with liberal inputs from insurance – practicing managers in terms of guest lectures, workshops and seminars (which is nearly 30% of teaching hours).
- Faculty members have been developing research papers in different areas like micro insurance, health insurance, risk management and CRM.
- Our students are regularly accessed as talents by most of India’s insurance companies, I.T./ITES Companies, leading MNC Brokers, Risk Management Companies, leading Health Insurance Companies etc. A representative list is attached (list of companies). We’ve been able to place 100% of our insurance students ever since the course was started in 2000.
- By 2014, 14 batches have passed out of BIMTECH, creating over 1000 insurance industry professionals, who are currently occupying significant positions such as COO, VP etc. in top insurance companies.
- Curriculum design at BIMTECH is based on inputs from industry. We hold industry – academia advisory committee meetings regularly each year, where all the 32 papers of the course are vetted by industry experts for relevance, scope and potential, keeping industry requirements as the prime objective.
- INMOS is a Facebook Club of Insurance Industry professionals, Alumni and Students, run by the students of BIMTECH PGDM (IBM). It helps to maintain with the industry experts on updating the course, debating current topics, mentoring students for internship and offering opportunities in Live Projects.
About the Programme
The aim of the Centre for Insurance and Risk Management (CIRM) of BIMTECH is to turn out insurance management executives who can, so to say, hit the track running.
To achieve this objective, we offer cutting edge curricula. Among the recently introduced changes are a course on business analysis, study of advanced risk management (including enterprise risk management), micro finance, micro insurance and micro health insurance. This is, of course, besides the conventional insurance subjects both in life and non-life, as well as reinsurance. The course is spread over six trimesters with a two month’s summer internship assignment between the first and second year.
Besides, students are taught the elements of Actuarial Science, Marketing, Finance, CRM, OB & HR and Personal Financial Planning (Wealth Management).
Rounding off the personality traits of the students is accomplished by focused training in soft skills, corporate visits and industry based projects.
The Centre has the following recognitions / tie ups:
Life Office Management Association (LOMA), USA, is BIMTECH’s educational partner and BIMTECH is an approved centre for LOMA examination. Quite a few of the life insurance subjects taught at BIMTECH are based on the LOMA curriculum.
- The Two year PGDM (Insurance Business) has been recognized as according recognition by way of credit by the Insurance Institute of India (III), Mumbai.
- The Chartered Insurance Institute (CII), UK has accorded recognition (by way of credits) to our PGDM (Insurance Business) course.
- BIMTECH is an academic partner to the International Institute of Business Analysis, Canada (IIBA). Insurance students are taught Business Analysis and are eligible for international certification from IIBA.
management of insurance company, underwriting & risk management.
- To provide adequate knowledge base levels as required by the financial service industry.
- To prepare professionals for entry level managerial positions in the changing business environment.
- To provide exposure in technical, commercial and practical skills to be applied in the work environment.
- To provide a platform to interact with industry experts for experiential learning.
- To assist students in qualifying for LOMA, CII (U.K.) and III Certifications
At the end of the course, the student will be able to –
Appreciate the need for professional services in the insurance sector
- Appreciate market linkages
- Explain various insurance products
- Explain the insurance processes including actuarial and reinsurance process
- Demonstrate communication skills and presentation
- Demonstrate selling skills
- Demonstrate relationship management skills
- Have the clear understanding of the Financial Service Industry
Salient Features of Programme
The aim of the Centre for Risk Management and Insurance (CIRM) of BIMTECH is to turn out management executives who can, so to say, hit the track running.Dual specialization in life and general insurance – This equips the students with knowledge of both streams of insurance and allows them to opt for either of the sectors as per their choice.Cutting Edge Curricula – Among the recently introduced changes, are the study of enterprise risk management, micro finance, micro insurance & micro health insurance and Business Ethics and Corporate Governance. This is, of course, besides the conventional insurance subjects both in life and non-life insurance.Well rounded personality – Rounding off the personality traits of the students is accomplished by focused training in communication and soft skills, industry visits and industry based projects.
Regular Industry Interface – Interaction with senior officials from the industry besides introducing an element of interest, allows a student to learn from the experience of experts. Senior officials of the industry, experts and academia in the field are invited to deliver hands-on lectures and interact with students on a one to one basis; and also participate in Seminars, conferences and workshops which are conducted time to time; these events to make it a more meaningful and learning experience.
Research / Live Projects – Students are encouraged to take on short term and long term projects. A two month hands-on experience with the corporate is a must for the completion of the programme. The central idea behind this is, while allowing the student to explore the market, it also gives an idea of the corporate scenario inculcating a sense of preparedness to take on their responsibilities when it is time.
Accreditation / Recognition – The two year PG programme run by the Centre has been recognized by the following bodies –
Insurance Institute of India, Mumbai up to Associate level
The technical qualifications offered by this institute are considered a benchmark in the industry and also a personal achievement for the individual.
Chartered Insurers Institute, UK – Accreditation of Prior Learning.
A premier professional organization for those working in the insurance and financial services industry. It is dedicated to promoting higher standards of competence and integrity through the provision of relevant qualifications for employees at all levels. The qualifications by institute are acknowledged globally as the highest.
Third Party Examination Centre for LOMA
BIMTECH is the first Third Party Examination Centre for LOMA (Life Officers Management Association, USA) Certifications. Professionals and students from all over the country take their exams through this centre.
Course Structure & Duration
|INS-103||Principles of Insurance|
|INS-104||Sales & Marketing Management|
|INS-106||Insurance Accounting & Analysis|
|INS-107||Insurance Company Operations (Life & Non-Life)|
|INS-108||Responsible Business: Module-1: Corporate Social Responsibility (CSR)|
|INS-201||Motor Insurance-I (Own Damage)|
|INS-203||Life Insurance-I (Product & Practices)|
|INS-204||Broking and Distribution Channel Management|
|INS-208||Responsible Business: Module-2: Corporate Social Responsibility (CSR)|
|INS-301||Property-I (Fire & Consequential Loss)|
|INS-303||Life Insurance-II (Underwriting)|
|INS-306||Services Marketing & CRM|
|INS-307||Financial Services and Personal Financial Planning|
|INS-309||Responsible Business: Module-3: Corporate Social Responsibility (CSR)|
|INS-401||Property-II (Engineering Insurance)|
|INS-402||Life Insurance-III (Employee Benefit Schemes)|
|INS-403||Motor Insurance-II (Third Party Insurance)|
|INS-404-A||Advanced Health Insurance (Elective)|
|INS-404-B||Advanced Risk Management (Elective)|
|INS-405||Marine Cargo & Hull Insurance|
|INS-406||Element of Actuarial Science (Life & Non-Life)|
|INS-502||Enterprise Risk Management|
|INS-601||Human Resource Management and O.B.|
|INS-602||Casualty Insurance-II (Personal & Rural Lines)|
Post Graduate Diploma in Management (Insurance Business Management)
Two-year, Full time, (Approved by AICTE, MHRD, Govt. of India)
With dual specialization in Life and Non-life insurance