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LATEST HAPPENINGS

Monograph written with bimtech as the knowledge partner

Foreward written by Dr Harivansh Chaturvedi, Director, BIMTECH & Sakate Khaitan, Senior Partner, Khaitan Legal Associates, Member, Board of Governors, BIMTECH

 

There have been attempts in the past to reimagine India through many lenses and perspectives. Commentators have used varied epithets to present the India story; from ‘A break out nation’ to ‘Incredible India’ and ‘Rediscovery of India’. The Indian insurance industry is also at an inflection point in history. Industry leaders have tried to analyse Indian insurance through different paradigms – from ‘A uniquely Indian growth model’ to ‘Making the next leap’.

India has been found to be overwhelming, complex and yet compelling. Perhaps this has propelled the two Insurance Thought Leaders from India, Shri H Ansari, former insurance regulator and Shri Arun Agarwal, an insurance industry veteran to reimagine Indian Insurance with a lens and on a canvass never attempted before, and provide us with a riveting Monograph, “Insurance Governance for World’s Largest Democracy”.

The result is a collaborative framework that insists on total insurance penetration in India, led by a vision that embraces inclusion and champions reforms to encourage enterprise, not just to serve the macroeconomic objectives but to feed and strengthen them.

The insurance regulator is reimagined as the ultimate Underwriter of sorts, underwriting human endeavours, who is required to challenge and change the status quo, applying behavioural economics propagated by Noble Laureate Richard Thaler of “nudging” with “libertarian paternalism”.

India is not just the largest democracy, but the oldest living civilisation on earth and the inclusive insurance will help perpetuate this living reality with renewed health and agility. We need to be optimistic while being vigilant, as with increasing development, the industry would need to effectively respond to emerging risks.

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