During January, I had the honor of leading a panel discussion at the Eleventh India Rendezvous in Mumbai and was joined by four senior-level executives from leading reinsurers and insurers.
My panelists included (pictured above, seated from left to right): G Satish Raju, Head of South Asia Global Partnerships for Swiss Re; Girija Subramanian, Deputy General Manager at India’s largest domestic reinsurer GIC Re; Amitava Gupta, Lead – Commercial Lines Claims at SBI General Insurance Company Ltd. and Rekha Gopalkrishnan, Deputy General Manager at The New India Assurance.
Across the whole conference, there was much talk about the growth potential in India, with reports stating that the insurance market could quadruple in ten years. But with the economy growing fast, insurance penetration remains a challenge — with a non-life insurance penetration rate hovering around one percent compared to a global average of six percent.
How does the cloud feature in the transformation plan for your business?
If you are a business leader in your organization, perhaps the “cloud” and your cloud strategy has been something left to the IT professionals who are responsible for managing your IT infrastructure.
But as a business leader, you are responsible for setting the transformation agenda in your organization. Across the board, many (re)insurers take advantage of the opportunities presented by digitalization. From online sales and advanced analytics to the Internet of Things — transformation is inevitable. Your ability to compete and secure future wins depends on how well your organization capitalizes on “big data” to balance speed to market, customer delight, and technology costs. Without the cloud, there is no big data.
In my years of contributing to this blog, I have written extensively about the long-standing debate about the current state of hurricane activity in the North Atlantic Basin. This debate has become no clearer following the 2017 hurricane season; one of the busiest and costliest seasons on record. 2017 followed a stretch of below- to near-average seasons that began in 2012 and it is unclear whether future seasons will remain active or return the recent level of relative quiet.