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Chairman's Message
Welcome to another exciting edition of the council newsletter. This informative edition carries articles on disruptive innovation in motor insurance, how AI is transforming the insurance sector, and a synopsis of Expenses Of Management (EOM) regulations. The edition also has an interesting podcast on addressing climate risks through insurance, a Q&A on Insurance frauds, and much more. We hope you enjoy going through the newsletter and find it educative.
Tapan Singhel MD & CEO
Bajaj Allianz General Insurance Company Ltd.
Chairman, GI Council
Editor's Connect
Indian non-life market is dedicated to reaching out to masses and provide best service for their protection. Topics covered in this edition throw light on important and current aspects of non-life insurance. I request the readers to contribute actively to the newsletter and provide feedback for increasing public awareness of non-life insurance. Kindly also circulate this newsletter to maximum number of customers and public at large to spread message of our commitment to provide protection to all sections of society.
Inderjeet Singh
Secretary General
General Insurance Council
Editorial Team
C.R. Vijayan
Sanjiv Singh
K.N. Venkataraman
Sharad Taware
Prerna Ramnani
Executive committee Members
Elected Members
Tapan Singhel (Chairman)
Mr Devesh Srivastava
Dr S Prakash
Ms. Neerja Kapur
IRDAI Nominated Members
Prof. Bejon Kumar Misra
Dr Nayan Shah
Mr Milind Bhatawadekar
Mrs Asha Nair
Mr K.C. Lokessh
Regular Invitees
Mr M.S. Sreedhar
Mr Krishnan Ramachandran
Mr Hitesh Kotak
Mrs Sucheta Gupta
Mr Sanjeev Srinivasan
Insurance in news
Premium ‘Score Board’ June 2023
The financial year 2023-24 for the non-life industry started off well, with premium growth at the end of May showing 19.44%, which indeed is impressive but slightly lower than the previous month, which was over 20%.
The Success Story of PMJJBY and PMSBY in India.
The hallmark of any great economy is how financially secure the citizens of the country are; to extend financial security to the last mile in the country, the Central Government launched two insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in 2015. Mr Tapan Singhel, Chairman of GI Council shares his views on the topic.
OECD representative visits GI Council office 29-30 May
The meeting was attended by Mr Leigh Wolfrom, and representatives from Bajaj Allianz, GIC Re, New India Assurance Co Ltd, ICICI Lombard, TATA AIG General Insurance, Shriram General Insurance, Care Health Insurance and HDFC Ergo.
113th GI Council meeting and 27th Executive Committee (EC) meeting.
GI Council EC meeting held on 24th April 2023 in Mumbai at Hotel Orchid Santacruz.
Bima Sugam: Game changer in 2023
Prof Bejon Misra, EC member of GI Council, shares speeches from eminent speakers in a webinar conducted on 4th May 2023.
The monthly meeting of the General Insurance Council held on May 26th,2023
The monthly virtual meeting of the General Insurance Council (GI Council) members took place on May 26th, 2023, with several representatives from different insurance companies in attendance. The meeting was chaired by Mr. Tapan Kumar Singhel, MD & CEO of Bajaj Allianz General Insurance.
Insurance Laws & policies
Synopsis of IRDAI expenses of management (EOM) regulations,2023In the concluding article of the series on EOM Mr S Skandan of General Insurance Council, captures the essential features of current rules on EOM
Addressing climate risks and adaptation through insurance (UNEP FI podcast)Extreme weather events are rapidly increasing in frequency and intensity due to the effects of climate change, making it difficult for insurance companies to manage rising risks and costs. Insurers are now left with no choice but to find ways to weather the storm. In the second episode of UNEP FI’s new podcast series Financing the future, we speak to Lesley Ndlovu, CEO of Africa Risk Capacity (ARC) and member of UNEP FI’s Leadership Council about how Africa is being affected by climate change, ways to manage climate risks and costs, and the role of insurers and the wider finance community in financing adaptation for a resilient future.
Consumer Awareness
Embracing Disruptive Innovation in Motor Insurance:The modern consumer demands personalized experiences and convenience in every aspect of their lives. Technological advancements and the desire for seamless experiences have driven a paradigm shift in consumer behavior. Manish Nachnani, Head of Customer Experience and Excellence at Zuno General Insurance, shares his experience on innovations in motor insurance.
The Rise of Intelligent Insurance: How AI is transforming the Insurance IndustryArtificial intelligence has taken the world by storm. From large language model (LLM) like ChatGPT, Bard, Perplexity, Jasper Chat etc to various new AI tech springing up every week, it has become quite evident that we are in the midst of an inevitable AI revolution. Vishal Shah, Head of Analytics & Data Science, Digit Insurance shares his views on impact of AI on Insurance.
Indian Insurance Sector and Chat GPTWith the emergence of cutting-edge technologies like Chat GPT, insurers have the opportunity to enhance CX and create lasting relationships with their customers. Chat GPT can play an instrumental role in the Indian insurance sector. K V Dipu, Senior President & Head - Operations & Customer Service, Bajaj Allianz General Insurance describes the importance of technology for insurance services.
The Ultimate Guide to Home InsuranceOur homes are amongst our most expensive and important assets. Many of us invest our life savings to build a home, and we all wish our homes always remain safe. Aditya Sharma, Chief Distribution Officer – Retail Sales, Bajaj Allianz General Insurance emphasizes the importance of home insurance for people. -->
Insurance frauds are a major concern of the industry today and various measures are being implemented to combat fraud. Q&A with Mr. Gopal Balachandran – CFO & CRO, ICICI Lombard on Insurance Fraud Risk management gives an insight on the magnitude of the problem and possible solutions.Read More>>>
Global Highlights
High risk insurance cover for ‘time bomb’ tanker placed in London- 
Stricter sanctions enforcement looms. Are you ready?When it comes to sanctions compliance, the maritime industry needs more than the basic vessel tracking tools.
Sophisticated and highly accurate monitoring tools are required to stay on top of the increasingly complex and deceptive practices being deployed by those engaged in trading sanctioned cargoe
Insurance industry as driver of green transformation The green transformation of Europe is progressing ever more rapidly. Insurers are playing a key role in this.
Addressing natural catastrophe protection gaps Enhancing resilience against intensifying natural disasters is a pressing challenge for
jurisdictions across the globe. The damage and economic losses caused by natural catastrophes
are increasing, partly driven by growing exposures in high-risk areas. International Association of Insurance Supervisors (IAIS) in its statement dated 28th April 2023 emphasizes on the role of insurance supervisors in addressing natural catastrophe protection gaps.
UK Fraud Strategy: ABI Reponse ABI Director General Hannah Gurga said:As the single biggest type of crime in England and Wales, causing misery to millions and often affecting the most vulnerable, it’s vital that we unite in our efforts to tackle fraud as quickly as possible. We fully support the Government’s approach of using partnerships to harness the capabilities and resources of the public and private sector to drive out scammers and restore people’s faith. We look forward to continuing to work with the Government on the development of a charter to make our sector more resilient to insurance fraud.” 
General Insurance Council, 5th Floor, National Insurance Building, 14, Jamshedji Tata Road, Churchgate, Mumbai-400020, Maharashtra, India, gicouncil@gicouncil.in
https://www.gicouncil.in/
Disclaimer : Our newsletter endeavors to compile insurance information from various sources in the public domain. In respect of 3rd party articles/news items etc. reproduced, the GI Council accepts no responsibility for the accuracy/authenticity and completeness nor can be seen as endorsing the views/opinions expressed therein.
