Elets Insurance Innovation Summit & Awards 2023 Sets the Bar for InsurTech Evolution

Elets Insurance Innovation Summit & Awards 2023

The Elets Insurance Innovation Summit & Awards, which took place on 7th December 2023 at the Holiday Inn, Mumbai marked a significant milestone in the insurance sector’s journey towards innovation and digital transformation. Embracing the theme “InsurTech Revolution: Charting the Future of Insurance,” the summit brought together a diverse group of policymakers, insurance innovators, and industry leaders, fostering pivotal discussions and sharing innovative ideas at the forefront of the insurance industry.

Organized by Elets Technomedia and The Banking & Finance Post, the gathering featured a stellar lineup of speakers who shared their invaluable insights, driving forward the conversation on insurance technology and strategies.

The event witnessed a stellar lineup of speakers, including industry leaders such as Sh. Inderjeet Singh, Secretary General, General Insurance Council; Anuj Mathur, MD & CEO, Canara HSBC Life Insurance; Manu Lavanya, Director & Chief Operations Officer, Max Life Insurance; Bikash Choudhary, Chief Actuarial and Governance Officer, Indiafirst Life Insurance. They, along with others, set the tone for insightful deliberations on the future of the insurance industry of India.

At the 54th In-Person event of The Banking & Finance Post, Shivam Pathania, Lead – BFSI Initiatives and Partnerships at Elets Technomedia, opened the confluence with a heartfelt welcome. He underscored the purpose of fostering innovation and driving positive change in the insurance industry. Pathania highlighted the sector’s challenges, such as evolving customer expectations, the need for robust cybersecurity, and a dynamic regulatory landscape. The event aims to tackle these issues, fostering learning and collective progress.

The conference’s rich agenda covered topics ranging from technological advancements to strategic innovations in insurance, offering an unparalleled opportunity for professionals to network, explore new partnerships, and gain insights from leading minds in the sector.

Sh. Inderjeet Singh, Secretary General of the General Insurance Council, delivered the government keynote address on the topic “An emerging horizon: Is India ready to transform the Indian Insurance Sector by 2047?” He emphasized on the council’s role as a platform for dialogue between the industry and government bodies like the IRDAI. Their primary goal is to facilitate industry perspectives on regulatory initiatives, identify challenges, and collaboratively work towards solutions, maintaining an ongoing dialogue with the industry.

The Elets Insurance Innovation Summit & Awards 2023 was supported by its esteemed partners, setting a stage for celebrating innovation and acknowledging the remarkable contributions to the insurance industry. Newgen Software has backed us as an Innovation Partner; Cloud4C as the Gold Partner; WebEngage as the Retention Partner, Thales and Technobind as the Data Security Partners; MoEngage as the Customer Engagement Partner; ACT21 as the Technology Partner; Haptik & Posidex as our Exhibitor Partners. The supporting partner for this event was: General Insurance Council (GIC).

Sumit Bhatnagar, General Manager, Product & Solutions at Newgen Software Technologies Ltd shared his views on “Low code insurance platform with AI to intelligently automate end-to-end journeys across all customer touchpoints and underlying operations layers”. He discussed the importance of reevaluating and modernizing customer journeys in insurance. He advocated for a comprehensive digital automation platform to coordinate various business processes, emphasizing the shift from a product-focused to a customer-centric approach.

Eeshan Sidhartha, Senior Sales Manager at Thales Group, provided his technology presentation on the topic “Securing the Future: Navigating Encryption, Key Management for IRDAI, SEBI Compliance in the Financial Landscape”. He noted the recent surge in emphasis on compliance, data protection, encryption, and key management. With regulations from RBI and SEBI and increased government focus on security against threats like ransomware, Thales offers a comprehensive data protection strategy, encapsulating Discovery, Protection, and Control.

The event also celebrated the launch of the insurance-special edition of The Banking & Finance Post Magazine, featuring the accomplishments and pathways of prominent figures in the insurance industry.

Another highlight of the event was the Elets Insurance Innovation Awards, honoring the remarkable achievements in innovation, adaptability, resilience, and technological progress among insurance institutions and individuals.

The Elets Insurance Innovation Summit & Awards 2023 was a resounding success, showcasing the synergy of technology and expertise in the insurance sector and setting a high standard for future events in this rapidly evolving industry.

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