Bengaluru, India: Industry experts gathered at the Bangalore Chamber of Industries and Commerce (BCIC) Insurance Summit 2024 to discuss the promising yet challenging landscape of the insurance sector in India, projecting exponential growth over the next two decades. Among the key topics addressed was the vision set by regulators for achieving universal insurance coverage by 2047, with a spotlight on leveraging technology to overcome distribution hurdles.
Mrs. Geetanjali Vikram Kirloskar, Chairperson of Toyota Tsusho Insurance Broker India Ltd., delivered the keynote address, emphasizing the transformative potential of India’s insurance industry amidst societal and economic shifts. Highlighting the advent of artificial intelligence (AI) and its role in enhancing predictive and preventive capabilities, Mrs. Kirloskar stressed the need for insurers to evolve beyond traditional post-event actions, fostering ongoing relationships to empower individuals, families, and entire economies. Her insights underscored the pivotal role of insurance in driving social welfare and economic growth. “In India, the insurance industry faces a turbocharged opportunity and challenge. Indian society and the economy will undergo a paradigm shift over the coming decades. The age of AI has dawned, and as it matures, it will take our predictive and preventive ability to new heights. There is an opportunity for the insurance ecosystem to change the insurance paradigm, shifting from a contract focused solely on post-event action to fostering an ongoing integral relationship with individuals, families, economic entities, and entire societies and economies. Insurance must evolve into a social good that enables and empowers a better quality of life. While powering the economic engine,” she said.
The BCIC Insurance Summit 2024 featured discussions on various pertinent topics, including cyber insurance, D&O liability lines, Marine Insurance, and Trade Credit Insurance, culminating in a panel discussion. Attended by over 150 delegates from the insurance, brokerage, and BFSI sectors, the summit provided a platform for industry stakeholders to exchange ideas and strategies to navigate the evolving insurance landscape in India.
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