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After four decades of Nationalisation of the life and general insurance companies, based on the findings of the Malhotra Committee, the Insurance Regulatory and Development Act, (IRDA) 1999 was enacted in 2000. The insurance sector was opened to private insurance players to operate in the country. Many foreign insurance companies came forward to form joint ventures with the major private companies to invest in this sector. Today, there are 24 life insurance companies and 24 general insurance companies and one reinsurance company operating in the country.
The recent global slowdown saw many international companies buckling under pressure, but this was the only sector in the country, which continued its hiring though in small numbers. So the opportunity in this field is aplenty.
BIMTECH, keeping abreast with the changes and developments in this sector, envisioned the future growth and expansion of insurance sector in the country. Coinciding with privatization of the insurance industry, BIMTECH pioneered a nodal Centre for Insurance and Risk Management Education (CIRM), Research, Training and Consultancy, to fill up the big vacuum of trained professionals in the industry in the year 2000, thus providing a variety of customized services to Insurance Companies, Consultancies and to train educators.
The Centre is fortunate to have a mix of experienced professionals from the industry and academia as its faculty.
To ensure the quality of the programme run by the Centre, an Advisory committee was constituted comprising veterans and senior professionals from the industry and academia. This committee provide timely advice in terms of the changes envisaged in the sector, vis-à-vis restructuring the curricula offered in line with the industry requirements.
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The Centre’s offerings include -
- Post Graduate Diploma in Management (Insurance Business Management)
Two-year, Full time, (Approved by AICTE, MHRD, Govt. of India)
With dual specialization in Life and Non-life insurance
- Conducts - Seminars, conferences, executive/ management development programmes
- Research studies and consultancy
- Publish journals, magazines, newsletters, books, monographs, etc., for dissemination of knowledge among professionals.
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- Launch of the FLMI India designation Programme
BIMTECH along with a panel of experts of life insurance executives, professors of business and management, developed supplements for 11 LOMA courses. The launch was jointly organized by Life Office Management Association (LOMA), United States Agency for Integrated Development (USAID) along with Bearing Point and Birla Institute of Management Technology (BIMTECH) on 23 May, 2007
- BIMTECH Insurance Summit 2008: “Fast forwarding the other half of Financial Inclusion: Accessible insurance services for all”.
Organised on 26th September, 2008, this conference by taking on board, on the same platform, issues of micro life, non-life, health, housing, pension etc. the BIMTECH Insurance Summit 2008 was a quest to evolve a consensus on actionable ideas in the field
- BIMTECH Insurance Summit 2009 – “Towards sustainable growth – Conferring to evolve a roadmap”
Organised on 14th November 2009, this conference dealt with industry transitions from a volume-driven focus to a bottom-line driven business strategy. While the challenges and issues confronting the industry were the same for all, it was time to confer together and reorient itself to achieve profitable and sustainable growth.
- BIMTECH Insurance Summit 2009 – “Towards sustainable growth – Conferring to evolve a roadmap
Organised on 14th November 2009, this conference dealt with industry transitions from a volume-driven focus to a bottom-line driven business strategy. While the challenges and issues confronting the industry were the same for all, it was time to confer together and reorient itself to achieve profitable and sustainable growth.
- National Insurance Summit 2010 – “Insurance : Managing the Coming Boom Amidst Multiple Challenges”
BIMTECH organized a one day summit on “Insurance: Managing the Coming Boom amidst Multiple Challenges” on October 23rd, 2010 at PHD Chamber of Commerce and Industry. The Theme of the Conference was Rising affluence is expected to increase the insurable significantly by 2015. By then, 100 million people are estimated to be added to the working population. With a huge population base and large untapped market, insurance industry is a big opportunity area in India for national as well as foreign investors.
The strong growth potential in the country has also made international players to seek opportunities in the Indian insurance market. Moreover, lack of newer growth opportunities in domestic insurance markets in some developed economies has made the Indian market scenario more attractive for international insurance players.
- Guest lectures
Several industry experts of the sector were invited to share their live experiences with the students–
- Mr. Hemant Bhargav, Executive Director (Micro Insurance) LIC.
- Mr. S. K. Gupta, Former Vice President, Reliance General Insurance Co. Ltd., and now Consultant.
- Mr. D. K. Sharma, MD & CEO of Bajaj Capital Insurance Brokers Ltd.
- Mr. Sanjay Pande, Executive Director, Amicus Advisory Pvt. Ltd., on Reinsurance
- Dr. Somil Nagpal, Health Specialist, World Bank, South Asia Region.
- Mr. S. K. Munjal, Regional Manager, United India Insurance Co. Ltd.
- Mr. Dipankar Saikia, Zonal Manager, Bharti Axa General Insurance Co. Ltd.
- Mr. Deepak Kalra, Sr. Manager, Rural Marketing Max New York Life Co. Ltd.
- Dr. Siddharth Raj Agarwal, Executive director, Urban Health Resource Centre.
- Mr. Jawahar Lal, Automobile Surveyor, Jawahar Lal Enterprises.
- Mr. Abhay Gujar, Head Risk Management, Bajaj Allianz General Insurance Co. Ltd.
- Mr. Gokul Ram-Head-Motor Claims of Cholamandalam MS GIC.
- Mr. Amit Srivastava, Principal Consultant with Primedsys Pvt. Ltd. (QXM).
- Mr. Mohit Chhabra, Co-founder of Knowledge Services.
- Mr. Rahul Mahajan, Strategic Head of Bharti AXA.
- Ms. Mandeep Maini, Senior Health Consultant, U.S.
- Mr. Ajay Gupta, General Manager, Future Generali Insurance Co. Lt.
- Prof. P.K. Jain, Director, FMS, Udaipur
- Ms. Malti Jaswal, CEO, E-Meditek
- Mr. Rajeev Ranjan, Area Manager, SBI Life Insurance Co. Ltd.
- Mr. Sagar Sanyal, Area Manager, Royal Sundaram Co. Ltd.
- Study – cum – Educational Tours are undertaken every year. These tours provide exposure to the students in understanding the various risk factors involved. Needless to say fun and frolic are part of the tour. Tours to the following places were undertaken In 2009
- National Diary Milk, Karnal, Haryana
- Ranbaxy in Mohali, and Bhakra dam in Punjab
- Harbour and Port visit to Goa
- Jnpt Port, Mapro Food Products and Forbes Marshall in Mumbai
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