The National Insurance Academy (NIA), Pune, proudly hosted its flagship event, the 26th Annual C.D. Deshmukh Memorial Seminar, on the theme “Re-engineering Insurance Skills & Knowledge (R.I.S.K.).” The seminar gathered industry leaders, regulators, academicians, and students to deliberate on the evolving challenges and opportunities in the insurance sector.
In his inaugural address, Mr. B.C. Patnaik, Director, NIA, paid tribute to Sir C.D. Deshmukh, emphasizing his foundational contributions to the Indian insurance sector. Highlighting the Life Insurance sector’s remarkable growth, he noted that in FY 2023-24, close to 3 crore policies were sold, generating premiums of ₹8.3 lakh crores. Rural areas contributed significantly, with 1.23 crore policies sold, reflecting the industry’s deepening reach. He also pointed to the burgeoning micro-group insurance segment, covering 17.83 crore lives with an annual premium of ₹10,707 crores, underscoring the sector’s role in financial inclusion.
Mr. Patnaik discussed the potential for growth in underpenetrated areas such as the annuity and health insurance markets. Regulatory reforms by IRDAI and increasing digital adoption present opportunities to bridge gaps in penetration and density, ensuring broader coverage and higher average premiums.
Keynote speaker Mr. Siddhartha Mohanty, CEO & MD, LIC of India, emphasized the transformative potential of technology, including AI and blockchain, in enhancing customer service and operational transparency. He stressed the importance of aligning with the “three A’s”—Availability, Accessibility, and Affordability—and urged stakeholders to prioritize skill development in data analytics, product innovation, and customer engagement.
Three engaging panel discussions addressed vital topics: risk-return optimization, the role of group insurance in expanding penetration, and digital innovation for customer engagement. Distinguished panellists shared insights on leveraging technology, refining marketing strategies, and diversifying products to cater to rural and Tier-2/3 markets.
The seminar also highlighted the strong growth potential of India’s insurance sector, with rural areas now accounting for 55% of consumer spending and showcasing significant digital adoption. Speakers emphasized the need for collaboration among insurers, regulators, and institutions like NIA to realize the vision of “Insurance for All” by 2047.
Mr. V. Balagopal, Chair Professor (Life Insurance), NIA, expressed gratitude to the dignitaries, speakers, panellists, and organizers. He lauded the discussions for offering actionable insights and reaffirmed NIA’s commitment to fostering innovation and progress in the insurance sect
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