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October - December - 2020 THE JOURNAL Published on 15th November, 2020 of Insurance Institute of India VOLUME NO. VIII ISSUE NO. II MUMBAI OCTOBER - DECEMBER - 2020 AWARD WINNING ARTICLES 2020 THE JOURNAL OF INSURANCE INSTITUTE OF INDIA FRAUD CONTROL MEASURES Merit Winner S.K. Desai Memorial Essay Writing Competition ORGANISATIONAL CHALLENGES ULIPS OR MUTUAL FUNDS Cost V/S Utility of Investing in Fraud Control Merit W inn Measures by Insurers er THE JOURNAL OF INSURANCE INSTITUTE OF INDIA Organisational ChallengesD. Subramaniam AwardBefore Essay WritingInsurance Competition Industry Due to Rapid Introduction of Technology, THE JOURNAL OF INSURANCEin INSTITUTEner OF INDIA Technical Paper Essay Competition (Life) rit W Artificial Intelligence and Data Analytics Me ULIPS or Mutual Funds - What Will the Millennials Choose? THE JOURNAL OF INSURANCE INSTITUTE OF INDIA Abstract is known as “Opportunity Fraudster” while the other type is “Professional Indian insurance industry has immense Me INSURANCE PENETRATION Fraudster”. The opportunity fraudsters rit W growth potential. One important factor are normally law abiding people but do in ne 1980), Gen Y (1981-1996). Gen Y is that inhibits growth and development not mind claiming more than they should r Abstract Role of Technology in Making of Micro-Insurance also called as millennials with a further of the industry is increasing Insurance as they believe it ignorantly that insurers breakup of older millennials (1981-1989) Fraud. Since there are no strong penal do not stand to lose, when “small” Artificial intelligence and data analytics and younger millennials (1990-1996). measures are available in Indian Penal More Effective Technical Paper Essay Competition (Micro) Abstract frauds are committed. with the help of technology are soon Millennials preferences are changing Code, the fraudsters are committing Whereas on the other hand, this will going to change the way our legacy MICRO-INSURANCE The main aim of humans over the world and they are changing the Apart from traditional methods of open up myriad of organizational frauds all across the country, especially insurance business is carried out. The generations is Wealth Creation. People financial investment market also with in rural and semi-urban areas. Internal Auditing and Investigation of Abhishek Das challenges for the insurers. Although Technical Paper Essay Competition (General) Nirjhar Majumdar new age digital insurers and Insurtechs ner look for ways to manage their money THE JOURNAL OF INSURANCEin INSTITUTE OF INDIA less aversion to risk, openness to Claims, the insurers are using Artificial Vaishno Devi Divine, Flat-302, these challenges can be handled by W Block No. O/17, Flat No. 31, would be the torch bearer for this rit in the most efficient manner. In present alternate investment products like crypto According to one estimate, the volume strong collaboration between insurer e Intelligence based Machine Learning 4th Main, Nagendra Block, transformation. Whether we call these M times with the high cost of living clubbed currencies and their general outlook of Baishnabghata Patuli Township, of insurance fraud in India is about Rs. and insurtech. The experience of insurer Algorithms to prevent and detect frauds. Hanumanth Nagar, new kids in the block as innovators or with a desire for a wealthy lifestyle, the living in the present. Kolkata – 700094. 40,000 crore. There are two types of coupled with the technology of insurtech These are not too costly as compared Near PES Degree College, disruptors, their tech savvy workforce need for better investment decisions has [email protected] people who commit frauds. One category to Utilities that the insurers can get out can create wonders. So, partnership will As per the survey conducted by Bangalore – 560050. would be handy for the greater good. become the need of the hour. The best be the key to solve this problem. investment plan is one which not only ASSOCHAM and India First Life [email protected] It is difficult to ascertain whether this October - December 2020 3 Another important aspect to this takes care of our needs but also creates Insurance during recent past to study shift is a boon or bane. On one hand, it The Paradox of Rising Premiums and Low Insurance scenario is upskilling the workforce wealth over time. Having an investment savings and investment patterns 26 will help insurers gain better efficiency 39 October - December 2020 of insurer. Therefore, investment in plan, and investing according to it is of individuals aged between 18-35, and create satisfied customer base. Penetration human capital would be critical. Hiring essential for wealth creation. October - December 2020 and retaining employees would become N. Sheela The population is categorised as Baby more important, as skilled and engaged Flat No.18, Anjali Flats, Boomers (1946-1964), Gen X (1965- employees would create a positive 100 Lake View Road, West Mambalam, Chennai - 600 033. [email protected] even innovation in the insurance sector in India. This paper seeks to unravel the dichotomy that the insurance Abstract sector faces in this country today- A population so large and underserved “Innovation is the only way to that it has scope for multiple insurance win.”- Steve Jobs (co-founder, Apple Abstract players to spread their arms wide Computer) The insurance industry in a vastly without competition, and yet an abysmal These few words sum in itself the future income earner of the family or loss of populous, demographically varied and insurance penetration which counts Neha Singh need, scope and prospect of every social property are critical risks faced by every culturally diverse country like India amongst the lowest in the world. We Jyoti Homes, Viman Nagar, or economic venture and the same household, but for a minimal income resembles a maze. While the growth focus on how insurance premiums, Vishakhapatnam - 530009. is applicable in the context of Micro family, marginal exposure to these risks of a large number of private players in driven by certain actuarial practices and insurance, the topic being discussed and is enough to push them into deeper the insurance as well as reinsurance risk management techniques pushes up [email protected] explored in this article. poverty and threaten their very existence. sectors has allowed the industry to the cost for purchasing the right kind bring forth extremely sophisticated of insurance. The paper further tries 53 Micro insurance is a specialized segment As per the International Labor and nuanced insurance products for to bring to light the fact that despite of the insurance sector which majorly Organization, over 80 percent of the the populace at large, a large number statutory mandates in a country like caters to the vulnerable section of Indian economy is in the informal sector, of factors including general apathy October - December 2020 society. Death or illness of the primary while only 6.5 percent constitutes the towards the insurance needs of people THE JOURNAL OF INSURANCE INSTITUTE OF INDIA formal sector. In such a socio-economic and businesses, and high premiums, context, risk assessment and pooling which in the eyes of the insured convey and financial inclusion of the population no immediate benefits, has impeded become all the more necessary. Micro the spread, growth, penetration and M insurance products that are customized er it W Arun Kumar in Health Insurancene and Wellness House Number 352, sector -4, r October - December 2020 THE JOURNAL OF INSURANCE INSTITUTE OF INDIA Panchkula, Haryana – 134112. [email protected] Technical Paper Essay Competition (Health) 75 HEALTH INSURANCE Technical Paper Essay Competition (Pension) PENSION er inn W it er M Is Pension, Effective and Adequate Solution to the Challenges of Ageing? adequate pension systems by analyzing the global trends. It looks at the vital Abstract post-retirement needs of the individuals India faces a double burden of disease. by considering their relevance in today’s Soniya N. Rupani Firstly, due to communicable or world. It uncovers the role of insurance B/54 Ashtavinayak Building, infectious diseases and secondly, due companies to make the pension industry to Non communicable and man-made a robust and sustainable one. The paper D.L. Marg, Chinchpokli E, health conditions. The country is also looks at the World Bank’s approach Mumbai 400012. transitioning from “The age of receding Abstract towards inclusive, sustainable pension [email protected] pandemics” to “The age of degenerative infrastructure for Primary Health. Since penetration. The advancement in medical facilities and man-made disorders”. In terms of the Bhore Committee Report (1948), and new technological innovations for it has been established that wellness Keywords Burden of Disease measured in DALYs, keeping oneself healthy is leading to approx.50% of the share is attributed to and primary health is the foundation an improved life expectancy amongst Longevity, Pension, Defined NCDs. A high share of stroke, injuries, to ensuring decentralized, free of cost individuals. Though this is a positive Contribution, Defined Benefit, Adequacy, hypertension, diabetes, cancer and and universal health for all that can be technological advancement on one Sustainability, Effectiveness, Insurance, respiratory disorders has been due State administered. However, the public side, it also has its post effects on the Annuities. to insufficient and suboptimal public infrastructure has been insufficient, thus other which needs to be looked upon opening a gateway for private players in seriously. Retirement income will wellness and primary health insurance. continue to be a focus area for financial experts. Pension systems vary across A primary health and wellness seeker different economies based on the with a paying capacity is inclined demographic profile of the subscribers. towards private care considering factors This paper is an attempt to highlight the like better quality of care, freedom to intricacies of effective, sustainable, and meet specialists, lesser waiting time and Pranav Warhady C-22, National Insurance Academy October - December 2020 Campus, 25 Balewadi, Baner Road, N.I.A.
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