About SKOCH BFSI Award for Insurance
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.
Apply for SKOCH BFSI Award for Insurance
We are looking forward to know about your extraordinary work and contributions to the industry. Do share your details:
Last Date: 31 December 2024
Leadership:
- Corporate Governance
- Compliances
- Delivery Channels
- Financial Reporting
- Restructuring
- Outreach/ Retail Presence
- Sustainability
- ESG
- Customer Experience
- Claims Management
- Claim Settlement
- Underwriting
Technology:
- Artificial Intelligence
- Internet of Things (IoT)
- Blockchain
- CRM
- Data Analytics
- Developer APIs
- Apps
- Payments
- Risk Management
- Social Media
- Information Security
- Cyber Security
- Strategic Transformation
- Customer Service
Corporate Performance:
- 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
- Re-insurance
- Underwriting
- 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
Others