(L-R) Prof. (Dr.) Dilip Ukey, Vice-Chancellor of Maharashtra National Law University, Mr. Sharad Mathur, MD & CEO of Universal Sompo General Insurance and Mr. Devesh Srivastava, CMD of GIC Re

• Surveys provide people’s opinions, views and reflect on the behaviours of various stakeholders in the Insurance industry
• Survey of 230 respondents is expected to help stakeholders in taking important decisions and planning strategies
• Surveys also include participation by 41 doctors to understand the ease of adaptability perception and data privacy issues

 Mumbai (Maharashtra) [India], April 16: Insurance Institute of India, a professional Institute devoted solely to insurance underwriting education released two survey outcomes, one on “risk” and another on “Telemedicine”. The survey was conducted on 230 respondents from 29 organisations.

Sharad Mathur, MD & CEO, Universal Sompo General Insurance Company Limited unveiled both the survey reports in a session held on 12th April 2022 at Insurance Institute of India (III) premises at BKC in Mumbai. The reports were released in the presence of Devesh Srivastava, Chairman cum Managing Director, GIC Re and Prof (Dr) Dilip Ukey Vice-Chancellor, Maharashtra National Law University (MNLU), Deepak Godbole, Secretary-General of III, senior officials and other faculty members of the Institute.

“Surveys provide people’s opinions, views and reflect on behaviours that could help in taking important decisions and plan strategies. It is collective wisdom through knowledge sharing. This initiative of Insurance Institute of India to undertake a survey by the participation of decision-makers in the insurance industry and sharing results back to the industry by way of a report is greatly appreciated,” said Sharad Mathur, MD & CEO, Universal Sompo.

The ‘risk’ survey provides insights into the risk perception in the near future for the Indian insurance industry and the survey on ‘Telemedicine’ elaborates on the views of doctors and patients about the ease, practicalities, and usefulness of Telemedicine during and after the pandemic. The Telemedicine survey of 230 respondents across age groups, gender, location, and occupation was carried out to understand the awareness concerning usage and concerns related to telemedicine. Another reason to do this survey was to understand the feasibility of telemedicine in engaging patients on a digital platform and to study the rate of satisfaction achieved after using the mode of telemedicine.

Survey reveals that the Indian insurance industry is resilient enough to continue to serve policyholders. Data management and analytics occur as a vital factor for successful operations in the long run and may remain beneficial for all stakeholders, including policyholders.

Prof. Dr Ukey shared that the Insurance Institute of India (III) and MNLU plan to launch a joint initiative for insurance industry participants in the area of insurance laws. Deepak Godbole, Secretary-General of III said, ”Collaboration between industry and academia is key to catalyse innovation and growth. Through survey reports, the Insurance Institute of India thought of compiling the feelings, expectations, and concerns of decision-makers in the Indian insurance industry. We hope to continuously improve the quality education on insurance underwriting in India and globally”. Mr Deepak added that the Insurance Institute of India is working on many new initiatives including creating a repository of case studies in insurance.

Established in 1955, the Insurance Institute of India (III) has been playing an important role in insurance education, training, and capacity development for professionals in insurance services as also in spreading insurance awareness among the masses. The institute conducts examinations at various levels and is the only professional institute in India devoted solely to insurance-underwriting education. The Insurance Institute of India (III) is involved in devising and continuously upgrading the curriculums and imparting the training programs for the professionals in the insurance industry in India and abroad, to meet the needs of the ever-dynamic insurance sector. The certification by the institute is recognized by the insurance industry, regulators, and other internationally reputed insurance education providers. The Institute is also a member of the Institute of Global Insurance Education (IGIE).

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