Bengal Chamber of Commerce and Industry hosts seminar on 'Indian Insurance Industry: Road Ahead'

On the occasion, Ambarish Dasgupta, President Designate, The Bengal Chamber, said that this  flagship event of BCC&I has only one objective - “How to increase the penetration of insurance in all schemes in India and what can be done to increase this penetration”.

He stressed on the steps that should be taken to catalyse penetration at an affordable cost.

Dasgupta said that it is necessary to look into the new technologies involving the digital media to see whether it is a boon or a bane to the insurance companies in reaching the customer. Lastly, he mentioned that the most important area to look into is “how the insurance companies see West Bengal as scope towards expanding the penetration”.

Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance, said, “In 1999, LIC of India had 248 branches while in the year 2015 the number grew to 1000 branches”.

Different players in the insurance markets have different strategies.

He pointed out that customer experience is becoming difficult day by day, and that KYC application is a troublesome procedure.

“The private insurance companies should try to link up the mobile number with the accounts. Insurance policy is sacrosanct and they should look from the customer’s point of view,” he said.

The cost of distribution is very important and there should be a balance in it. Like telecom revolution there should be an insurance revolution as well.

Financial literacy is very important as the rural customers should know what they are purchasing, felt Agarwal.

These are few of the key points which insurance companies should stress on to achieve the best outcome.