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:
Early Bird: 30th October 2024
Last Date: 15th November 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
Past SKOCH BFSI Events
Dialogue of the Titans – Digital Cities, Digital States, Cloud & Cognitive Services, Thought Leadership: Financial Technology 2022, Thought Leadership: From Digital Payments to Digital Economy, Smart City & Swachh Bharat Risk Appreciation and Decision Making, Digitisation and Cyber Security
Read MoreTimed with the completion of two-years of Narendra Modi government and the ground covered by some of the most important national programmes, Skoch is organising the 44th Skoch Summit at Mumbai. Key Sessions are as follows: Sabka Saath, Sabka Vikas, From Dashboards to Delivery, Accelerating Electronics Manufacturing, Accelerating Electronics Manufacturing, Ubiquitous Connectivity, Ubiquitous Digital Seva, Dialogue of the Titans – Team Digital India.
Read MoreThe task for the new government is already cut out. On the one hand, it needs to kick start growth through a host of measures including improving sentiments, fuelling investments both foreign and domestic and spurring savings. On the other, flagging poverty levels, increasing disparities, social sector inefficiencies and ineffective public private partnerships (PPPs) need to be shored up. But at a more specific level, the new mantra of inclusive growth for any new government must take a 360 degree view. That would include: kick starting infrastructure development and debottlenecking, ensuring that education reaches greater sections of the society, a new vision for banking the unbanked, corporate social responsibility (CSR) spends reaching the intended beneficiaries and women empowerment.
Read MoreA serious stocktaking on fast-tracking investment and reforms in key sectors of agriculture, infrastructure, power, banking, insurance, pensions and capital markets are needed to lift India’s growth rate to the Planning Commission’s projection of over 8 per cent during the Twelfth Five-Year Plan. The growth has to be inclusive, it must lead to reduction in poverty and has to be environment friendly. The 32nd Skoch Summit is designed as an occasion to rethink and reflect on bolder reforms that are required to revive the ‘animal spirits’ of Indian economy. The Summit will shine a new light on some core areas that are central to attaining an inclusive 8 per cent annual GDP growth.
Read MoreThe objective of the Summit was to bring the focus of financial inclusion back to poverty alleviation and inclusive growth rather than a mere no-frill account opening exercise, most of which still remain unused. The Summit saw the release of Part II of the ongoing study “Revisiting Financial Inclusion”. The Skoch Development Foundation planned specialized conclaves on financial inclusion for minorities, gender response to budgeting and poverty alleviation on the sidelines of the Summit.
Read MoreThe call for India decade is a call for action from all stakeholders in India’s growth. Concerted action in this decade alone can help achieve an economic superpower India in the decade to follow. The 23rd Skoch Summit looks at the issues of reaching and sustaining near double-digit growth rates through the prism of financial inclusion, managing inflation, technology infusion, infrastructure development, improved governance and an enabling policy framework.
Read MoreKeeping the continuum of charting the development agenda for the nation, identifying challenges and brainstorming the possible way of moving forward the 20th Skoch Summit BFSI put together all the relevant stakeholders to ideate on “Inclusive Growth 2.0”. Given the timeliness and subject appropriateness of the 20th Skoch Summit for an incoming government, we were embraced by over 300 senior level delegates including Chief Secretaries and Power Secretaries from States, Municipal Commissioners from JNNURM cities, senior bankers, academia, economists and media.
Read MoreThe 14th Skoch Summit BFSI, 5th-6th June 2007, Mumbai, brought together the most popular conference trilogy built around “Looking at Core and Beyond” facilitated by Dr. D. B. Phatak of IIT Mumbai, top CEOs and domain experts from banking and insurance sector shared their vision; “e-Security and Disaster Management” facilitated by Prof. H. Krishnamurthy, Principal Research Scientist, Indian Institute of Science. Domain experts from KPMG, Ernst & Young, HP, Oracle and Sun deliverd rich content and tutorials while CCA and CERT-In defined the regulatory and legal framework; and, “Need for Full Spectrum Implementation” brought together a never before galaxy of thinkers and practioners who deliberated on hurdles and solutions, strategy and sustainability issues.
Read MoreTo help the existing leaders from the Banking and Financial Sector learn not just from best practices of each other but from experiences in other countries as well and to help groom the emerging leaders in our banking financial services industry, a unique Combination of events: “Capacity Building Workshops and Tutorials” & “Conference on Strategies for Sustainable Growth” held on the 15th and 16th of June 2005 at the Taj Lands End in Mumbai.
Read MoreThe First Skoch Financial Technologies Summit, a unique Trilogy of 3 events: “Capacity Building Workshops and Tutorials”; “Conference on Strategies for Sustainable Growth”; & “Solutions Showcase” was held on the 15th and 16th of June 2004 at the Taj Lands End in Mumbai.
Read MoreMethodology for SKOCH BFSI Award for Insurance
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.
Apply NowStage 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.
FAQs for SKOCH BFSI Award for Insurance
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.