SKOCH has conducted assessments and documented the institutional achievements across Liability Insurance, Micro-Life Insurance, Motor Insurance, Claim Settlement, Insurance Inclusion in Rural Areas and Health Insurance. Efforts and success stories of several stakeholders in General and Life Insurance, such as Bajaj Allianz Life and General Insurance, HDFC Standard Life, TATA AIG General, Oriental Insurance, Life Insurance Corporation, New India Assurance, National Insurance, Bharti AXA General and so on have also been documented and published.
Process Automation, Do-it-Yourself, AI, Chatbots, Voice Bots, Open APIs, Pay-Outs and Customised Products are a few innovations that have taken place in the last few years that have put insurance in high gear. The result is that today, India is the 9th largest Life Insurance market and the 14th largest for Non-Life Insurance globally and is expected to reach $222 billion by 2026.
Every small effort counts. It’s so true in the case of Micro-Insurance, which was introduced in mid-2000 by LIC that has seen exponential growth. SKOCH was the first to conduct an on-ground impact assessment of LIC’s micro-insurance product, Jeevan Madhur. Since it was initially launched to cover South India, SKOCH carried out an impact study covering several places, including Ullagram, Chennai; Anad, Thiruvananthapuram; Namula, Nalgonda.
Ever since micro-insurance products have changed the insurance landscape in India.
One of the most significant early learnings from our years of on-ground studies was the conspicuous absence of micro-financial products and the role that these can play in financial inclusion. Insurance penetration was poor because of a lack of awareness and the non-availability of affordable or micro products. We strongly advocated and recommended the need for micro-insurance to protect low-income people. Subsequently, micro-insurance regulations were introduced in 2005.
Others followed suit and developed micro-products relating to health, property and disability. Further expansion in the insurance portfolio was witnessed, as recommended by SKOCH, in the introduction of crop and unemployment insurance.
One of the early successes in computerisation of life insurance documented by SKOCH were also noted in LIC, which was then led by Mr T S Vijayan as its Executive Director in charge of IT. He became the Chairman, LIC and introduced Micro-Insurance and then headed the Insurance Regulatory Development Authority of India (IRDAI).
We invite you to participate in the SKOCH BFSI Award and share your achievements towards contributing to nation-building so that these can be assessed, benchmarked and documented and become part of India’s institutional history.
We are looking forward to know about your extraordinary work and contributions to the industry. Do share your details:
Last Date EXTENDED: 15th January 2024
Conference Delegate Fee (4 Delegates): Regular Fee - Rs 40,000 + GST@18%
- Corporate Governance
- Delivery Channels
- Financial Reporting
- Outreach/ Retail Presence
- Customer Experience
- Claims Management
- Claim Settlement
- Artificial Intelligence
- Internet of Things (IoT)
- Data Analytics
- Developer APIs
- Risk Management
- Social Media
- Information Security
- Cyber Security
- Strategic Transformation
- Customer Service
- Product of the Year
- Company of the Year
- Segment of the Year
- Brand of the Year
- Turnaround of the Year
- Best Growth Story
Product - Life Insurance:
- Endowment Policy
- Term Policy
- Whole Life Insurance
- Money or Cash Plans
- Children’s Policy
- Annuity Plans
- Group Insurance
- Market Link Plans
- Micro Insurance
- Loans Against Insurance
Product - General Insurance:
- Crop Insurance
- Cattle Insurance
- Fire Insurance
- Liability Insurance
- Marine Insurance
- Corporate Insurance
- Property Insurance
- Commercial Insurance
- Pet Insurance
- Bite-Sized Insurance
- Pension Plan
Product - Motor Insurance:
- LMV Insurance
- Two-Wheeler Insurance
- Commercial Vehicle Insurance
Product - Health Insurance:
- Individual Policy
- Family Floater Policy
- Surgery Cover
- Comprehensive Health Insurance
- Critical illness
- Unit Linked Health Plan
- Group Mediclaim (Corporate)
Product Travel Insurance:
- Individual Travel Policy
- Family Travel Policy
- Student Travel Insurance
- Senior Citizens Travel Policy
- Medical Emergency
- Luggage Insurance
- Trip Insurance
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We at SKOCH, strive to maintain the highest levels of integrity and confidence for all nominees and awardees. SKOCH Award Methodology as is follows:
Stage 1 – Nomination & Registration
You are requested to nominate your initiatives for SKOCH BFSI Award. Nominations to be made using the online link along with mandatory conference delegate registration (Rs. 40,000 INR + GST@18% for 4 Delegates).Apply Now
Stage 2 – Research & Validation
SKOCH Research team will verify the details and correctness of the nomination, do desk research, take telephonic feedback and use SKOCH domain knowledge.
Stage 3 – Interaction with Jury
Face to face interaction of the shortlisted nominees via virtual session with the panel of domain experts. Experts make ratings and these are added to the score of the nominee's score.
Stage 4 – Popular Vote
SKOCH Team will create and publish page for shortlisted nominees for popular voting. Popular vote is to help organisations create a buzz around one’s good work with peers, colleagues and benchmark popularity against the peers from other organisations.
Stage 5 – Merit List
Semi-finalists are announced and Order-of-Merit list is published on the website by SKOCH Team. All Order-of-Merit recipients to be invited for Summit and Award ceremony to receive Order-of-merit certificates and also compete for the coveted SKOCH Award which will be announced on the same day.
Stage 6 – Expert Vote
All finalists are invited to participate in the online digital exhibition and solicit Expert Votes. A Weightage of 10% would be added in the total score from this activity. SKOCH Team will create pages on the exhibition portal along with additional material provided by the nominees.
Stage 7 - Live Voting
This is the last step happens on the day of the conference and award ceremony where delegates attending the conference would vote for the nominees. 10% Weightage of this is added in the score.
Stage 8 – Way to Final
Using SKOCH Award raking system, a cutoff is decided and final awardees are announced and conferred SKOCH Award during the Conference and Award Ceremony.
SKOCH Award remains the most credible independently instituted award in the country for the last 25-years. Its receivers have come from across the political spectrum and party lines. It has been conferred on the ordinary and mighty alike. Each SKOCH Award recipient has been doing phenomenally well in their respective areas.
Our methodology and evaluation spans four months - more than any other award in the country. Our experts and juries are domain experts and devote hours and days of their time evaluating each project in great detail as opposed to celebrity juries, which don't provide either time or commitment to the process.
All judges give 10/10 combined score
Jury and Peer Evaluation coming to 10/10 score
SKOCH Order-of-Merit score is 10/10
SKOCH Award score is 10/10
All scores are confidential and not shared with anyone including the nominees
Often, people lose out on awards due to a fraction of scores and hence, these scores from the exhibition become even more crucial.
SKOCH Award isn't based on any commercial considerations. Participation in exhibition doesn't influence the jury decision. It can, however, provide precious marks, which often make the difference between a winner and a loser.
Exhibition participation provides another unmatched opportunity to learn from the best practices in your industry. Nothing delivers on sharing best practices better than exhibition.
Moreover, we encourage people to adopt more and more contemporary technologies and move forward with the times to digital inclusion.
Exhibition is an integral but an optional part of the process. There are enough number of award winners, who didn't participate in exhibitions.