Presentation Round, Insurance Summit 2024 @ National Insurance Academy, Pune

Theme: "Insuring the Digital Core: Risk Mitigation Strategies Optimizing the Insurance Value
Chain"

Moderator: Dr. Steward Doss, Professor, National Insurance Academy, Pune

Presenters list:

1. Mr, Vinay Kumar Sankarapu, Founder & CEO, Aryawi.ai

2. Mr. Subhobroto Ghosh, Director - Data Analytics, Alstate Insurance

3. Mr. Sumit Ramani, Co-Founder & Actuary, ProtectMeWell.com

4. Mr. Pankaj Kumar, VP Head of Engineering - Cloud Application and Data

5. Mr. K. Murlidar, Executive Director (Digital Marketing). LIC of India

Dr Steward Doss started by explaining how the presentation round will go on. He introduced
automation in different aspects of insurance.

Presentation 1: Industry 5.0 - Collaborative AI Driving Digital Innovation in Insurance

Business (Mr. Vinay Kumar Sankarapu)

The concept of Industry 5.0, with a focus on artificial intelligence (AI) driving digital
innovation, was highlighted as the next phase in the evolution of insurance. It was
emphasized that good data is essential for effective AI development. Industry 4.0,
characterized by digital transformation, has paved the way for Industry 5.0, which will focus
on embedding human-like reasoning and multidisciplinary skills in AI systems.

The insurance industry aims for a "nirvana" state, where everything is error-free, and
achievable through Industry 5.0. Automation will handle low-risk, high-volume transactions,
whereas high-risk, low-volume activities will still need human involvement. To achieve the
transition from Industry 4.0 to 5.0, structured and unstructured data collection is critical.

Phases for development was also explained:

1) AI using structured data

2) AI using both structured and unstructured data
3) AI skills embedded with a chat bot
4) AI being able to ask reasoning questions. AI agents having ability to create plans and
execute tasks
5) Multi-disciplinary agents will be able to do the whole process with low human touch.
The ability to manage AI effectively will be the key differentiator among insurance
companies.

Presentation 2: Applications of Emerging Technologies - Data Analytics in General

Insurance (Mr. Subhobroto Ghosh)

The importance of data analytics in insurance was discussed, with the statement that "data
is the new oil." The role of data and analytics is most pronounced in actuarial functions, and
data science in insurance requires a blend of mathematics, statistics, computer science, and
domain expertise. The Indian insurance industry currently lacks volume, variety, and velocity
in data usage, with most companies utilizing only 10-15% of their data.

The application of emerging technologies, such as telematics and geospatial analytics, was
discussed. The integration of cognitive AI into insurance can improve risk analysis and
customer service, though it will bring challenges, including misinformation, ethical
considerations, and liability shifts. The balance between the benefits and risks of AI can be
achieved through co-intelligence, with humans playing a crucial oversight role.

Presentation 3: Digital Innovation Driving Optimization of Insurance Value Chain -

Underwriting & Product Innovation in Life & Health Insurance (Mr. Sumit Ramani)

The presentation focused on digital innovation in life and health insurance, with a particular
emphasis on insurtechs, which drive efficiency by applying technologies such as AI,
blockchain, IoT, and machine learning. Product innovation in insurance is driven by new
risks, advancements in the value chain, and regulatory changes.

Innovation in distribution has led to the emergence of embedded insurance, usage-based

insurance, parametric insurance, and short-term coverage. Alternative data sources, such as
credit scores and social media, are increasingly used in underwriting, providing ongoing risk
assessment. The need for collaboration between insurtechs and traditional insurance
companies was stressed, as insurtechs alone lack the scalability to succeed without
established players.

Presentation 4: Digital Innovation in Industry 5.0 - Applications of Emerging Technologies

in General Insurance (Mr. Pankaj Kumar)

The presentation outlined Industry 5.0's impact on general insurance, emphasizing a human-
centric approach where machines and humans work together. Key aspects of Industry 5.0
include human-machine collaboration, hyper-personalization, ethical AI, and enhanced user
experience. AI-driven automation now assists rather than replaces human actions,
amplifying human creativity and decision-making.

The impact of Industry 5.0 on insurance was explained, particularly in enhancing risk
management, underwriting, and claims processing through technologies like IoT, AI, and
blockchain. Specific use cases, such as life insurance claims transformation and seasonal crop
insurance, were presented to highlight the symbiotic relationship between human empathy
and machine efficiency.

Presentation 5: Optimization of Insurance Value Chain through Digital Marketing (Mr. K.

Murlidar)

Digital marketing strategies for optimizing the insurance value chain were discussed,
emphasizing that life insurance is primarily a push product, as evidenced by the small
fraction of policies sold online. Digital marketing in insurance is largely aimed at backend
processes, with companies investing significantly in inbound and outbound strategies to
reach potential customers.

Various aspects of digital marketing, such as search engine optimization (SEO), social media
advertising, lead management, and content marketing, were explained. The funnel approach
to marketing—targeting cold, warm, and hot audiences—was used to illustrate how
customer engagement can be improved. The role of generative AI in creating customized
content and enhancing digital marketing was also highlighted.

The Comments of the Lead Speakers were as follows:

Swayamjit Mishra

MD and Partner at Boston Consulting Group

Honoured privilege to talk. End to end combination as this panel group is diverse. Suresh on
cybersecurity. Myself on execution. Naavi, being into awareness of Data protection
importance for the coming generation.

So we have a full of everything we need. Will cover all of the things needed

So basically why data, data protection and leverage data for better underwriting and
customer experience

I want Suresh to remark on cyber security protection in India

So there’s dilemma between as data needed for decision and legislation.

Data security and cyber resilience

How do we stop this from happening as next question

Pavan Duggal

Founder, Pavan Duggal Associates

Cyber Lawyer, Cyber Security Laws

Changes in regulations. More on data consent management

The govt will be entitled to go ahead and sell assets which for you to close and they are
focuses on data protection with respect to this.

The law has given twin comfort for data, your entry starting. 50 to 250 cr aa fine for data
breach. What kind of fines need to be give.

Insurance deals with personal, financial and health data. The next time customer will ask for
DPDPA consent and the customer will decide how much consent to give. Data sharing
consent and purpose for which you are taking data will be coming soon awareness

A mindset change in needed for insurer for Data protection as DPDPA is going to be in place.

Your legal interests needs to be thought of. The compliance has to be on my mantra for data
protection

Asked, how insurer should safeguard.

First of all, the quicker we understand that cyber security is way ahead. As an integral part of
business process, there has to be compliance of law. Section 66 and 43 to be for fine with
reference to data breach.

The Bhartiya Nyay Samhita combined with electronic media related rules.

The legal exposure is on for this.

We have to focus on Compliance as the new mantra.

Everyone stakeholder in Insurance is an intermediary thus to exercise with the compliance.

Compliance to IT rules 2021.

Have paperwork in place with the compliance. Merely having compliances with no paper
work cannot prevent fines. Be in state of constant watch.

Naavi Vijayshankar

Chairman, Foundation of Data Protection In India

Data in terms of insurance. Data breach used to cover the lost data and incidental expense.
In personal data protection ie DPDPA new regulations, third party liability of data protection.
These penalties not arise only for personal data breach. Industry need to ready for this
disruption.
We are excited for AI & Data but there needs much more things to be done in this. The
legacy personal data needs consent. Today govt expects a consent for data to be used only
for that reason. The risk profile of an organization for storing and processing is going to be
different. There is needs to be safeguard for this data. Data fiduciary is the controller of data.

Cyber cover is going to be hulk as in many security situation you lose and recover data.
Though DPDPA is for industry discipline. Whenever actual data breach happen, there could
be legal action as well as criminal consequences. The Solution is cyber insurance.

Suresh Balkrishnan

Principal Consultant, Xsentinel Risk & Claim Advisory Pvt. Ltd

How well in India are organization are prepared for data protection. We see bifurcation in
Large corporates, medium and SMSEs.

Categorizarion of people using the data is crucial to get a grip on data protection. The basic
principle remains the same for end users to take care.

The very basis of business is the data. The concept of consent for only the specific use. Data
breach and leak to be taken care of.

Data acquisition process to be resilient.

Cyber insurance for insurance companies to be taken into consideration.

Need to have structure driven mindset and not jugad mindset. Privilege access management
as breach happens due to this. You need to do things diligently to go ahead.

Reinsurance also runs of cyber risks. So eventually paying fines for this will impact your
business as well.

Priyesh Pradhan

Senior Underwriter, Professional Financial Risks and Cyber

Markel Services Indian Pvt Ltd

Why Data & is that Important?

When was data widely discussed in public? It dates back to 1946 it mentioned about
something that cannot be stored on comp is data. In 2006, it pointed data to be the new oil.
Coming to insurance, it is basis of pricing mechanism. Claims management and analysis for
wonderful solution to this.
Application form, storage, to risk assessment for underwriting decision. AI is today coupled
with the data.

MYOP coming up ie Make your own plan. Such as pay as you drive, etc has all come up with
the analysis of data. Mechanism for fraud detection. Ads, financial management, risk
management as well data driven decision.

Cyber insurance is covering first as well third part aspects. After the DPDPA act, from
insurance perspective, underwriter need to check robustness of the data. The basic, we as
insurer need to understand the data cyber security. It goes hand in hand with the
robustness.
Press Release: 20th Insurance Summit “Unveiling the future- Industry 5.0: Digital Innovation
in Insurance” National Insurance Academy (NIA) is a leading institution dedicated to
nurturing top talent for the insurance sector. Its strong ties with the industry provide
practical, real-world insights that shape its training, education, research, and consultancy
efforts. With over 1,200 alumni from its PGDM program and having trained thousands of
professionals through its Management Development Programs (MDPs), NIA is committed to
developing the finest talent in the insurance industry. The flagship event of the National
Insurance Academy, Insurance Summit, 2024 was organized on 3rd October 2024 at Taj
Lands, Santacruz, Mumbai. The theme of the summit was “Unveiling the future- Industry
5.0: Digital Innovation in Insurance”. After welcoming the speakers on the dais, the lamp-
lighting ceremony was performed to commence the event. In their Joint Charge Directors,
NIA welcomed all the Dignitaries, panel members, presenters, delegates, press, and
participants. In opening remarks, Mr. Renjit Gangadharan mentioned that the insurance
sector is on the brink of transition with the use of cutting-edge technologies and rapid
digitalization, including Big Data, Artificial Intelligence, and Machine Learning. Customers
today expect proactive risk management and personalized products. Our agenda is designed
to explore the technologies of the future and their adaptation in the industry. And Mr. V.
Bala Gopal expressed that this event should mark a milestone for the entire insurance
industry. Digital 5.0 isn’t just about machine learning and automation like 4.0, but about
developing smart systems with a human-centric approach to improve customer experience
sustainably, through collaboration between humans and technology. Mr. Satyajit Tripathi,
Member (Distribution), IRDAI, in his keynote address, expressed his gratitude for being
invited to the summit. He discussed how digital innovation has transformed industries,
leading to hybrid work culture and online exams during the pandemic. This transformation
has also significantly impacted the traditional insurance industry, especially in operations like
underwriting and risk assessment in policymaking. He highlighted the upcoming launch of
BIMA SUGAM and stated that IRDAI's methods for monitoring companies and intermediaries
have evolved, with digital processes in place to detect deviations and ensure risk mitigation
for policyholder safety. Despite fraud analytics in place, some fraudsters continue to create
misleading schemes and mis-sell policies. He stressed the importance of closing all loopholes
to protect policyholders. Natural disasters, such as cyclones, are now better monitored,
allowing timely communication of protective measures. He emphasized the need for
improved risk modelling, increased use of technology to enhance efficiency, and the
preparation of SOPs to handle difficult situations. Digital risks are also emerging alongside
digital innovations, and necessary steps must be taken to keep these risks in check to
prevent potential disruptions. He advised students entering their careers to stay informed
about technological advancements and maintain preparedness, as the current pace of
technology deployment is more disruptive than ever before. A sense of alertness is
necessary to protect the industry from upcoming technological disruptions. Mr. Siddhartha
Mohanty, CEO and MD, LIC of India in his keynote address, highlighted that events like this
are crucial in an age of technological advancement. With technologies such as AI, Big Data,
Machine Learning, and Cloud Computing, significant improvements have been made in
industry processes. Industry 5.0 will place the human at the centre of these advancements.
Data privacy is a major concern with the growing use of digital platforms, and it is essential
to ensure that digital innovation complies with regulations. Customer trust and experience
need improvement through userfriendly digital platforms, where customers can interact
with tools as seamlessly as with human interactions. Workforce adaptation is also critical,
and employees must be trained to work with new technologies. While AI and ML are used to
improve underwriting and claims processing, these technologies sometimes lack the nuance
needed for decision-making. The cost of technology investments may impact profit margins.
Insurers, operating globally, must adhere to multiple regulations, and improving data privacy
through technologies like blockchain is essential. Strong cybersecurity measures, including
live monitoring of chatbots used for customer interactions and claims processing, must be in
place. Adopting an open API ecosystem can create a more cohesive technological space,
improving integration. Digital customer onboarding and dynamic pricing can be greatly
enhanced through Insurtech solutions. Predictive analysis can also be used to identify fraud
in claims processing and avoid losses. Digital simulation and twin technology can assess risk,
particularly in the property and casualty space. Offering more personalized products can
help insurers shift from transactional relationships to more trust-based connections with
customers. Peer-to-peer insurance models, where risks are pooled and managed by
communities, are still in their early stages. By embracing new technologies, the industry can
not only improve existing processes but also transform how customers experience their
insurance needs. Industry 5.0 emphasizes a balance between machines and humans,
creating collaborative ecosystems instead of replacing human involvement. The vote of
thanks for the inaugural session was delivered by Mrs. Jai Shree, Chief Administrative Officer
NIA, who also thanked prominent speakers, distinguished guests, industry experts and
special invitees, which was followed by two panel discussions and one presentation round.
The first panel discussion was on the theme of “Embracing the new age technologies:
Envisaging Industry 5.0”, moderated by Mr. Amit Roy, Partner and Leader, Insurance and
Allied Business, PwC India. The panel was enriched with dignitaries like Mr. T. Babu Paul,
Executive Director, National Insurance Company Limited, Mr. Debashish Banerjee, Partner-
Insurance Leader | Al and Analytics Leader, Deloitte India, Mr. Prerak Sethi, Founder & CEO,
RIA Insurance and Co-Founder, India Insurtech Association, Mr. Rajiv Gupta, President, PB
Fintech Ltd. (Parent Company of Policy bazaar and Paisabazaar), and Mr. Neeraj Malhotra,
CEO, AccelTree Software Pvt. Ltd. The presentation round focused on the theme, "Insuring
the Digital Core: Risk Mitigation Strategies Optimizing the Insurance Value Chain,"
moderated by Dr. Steward Doss, Professor at the National Insurance Academy, Pune. The
sessions included “Industry 5.0 – Collaborative AI Driving Digital Innovation in Insurance” by
Mr. Vinay Kumar Sankarapu, Founder & CEO, Arya.ai, “Applications of Emerging Technologies
– Data Analytics in General Insurance” presented by Mr. Subhobroto Grish, Director of Data
Analytics, Allstate Insurance, “Digital Innovation Driving Optimization of the Insurance Value
Chain – Underwriting & Product Innovation in Life & Health Insurance” by Mr. Sumit Ramani,
Co-Founder & Actuary, ProtectMeWell.com, “Industry 5.0 – Applications of Emerging
Technologies in General Insurance” By Mr. Pankaj Kumar, VP & Head of Engineering - Cloud,
Application, and Data, and Mr. Rakesh Pal, Senior Director, Insurance Claims - Solutions, Pre-
Sales, and Consulting, Value Momentum and “Optimization of the Insurance Value Chain
through Digital Marketing” by Mr. K. Murlidar, Executive Director (Digital Marketing), LIC of
India. The final panel discussion was on the theme of - Data Protection, Privacy and
Insurance - Enhancing Cyber Security and Building Resilience, moderated by Mr. Swayamjit
Mishra, MD & Partner, BCG. Other panellists were Dr. Pavan Duggal, Founder, Pavan Duggal
Associates, Mr. Naavi Vijayashankar, Chairman, Foundation of Data Protection Professionals
in India (FDPPI), Mr Suresh Balakrishnan , Principal Consultant, Xsentinel Risk & Claim
Advisory Pvt. Ltd. and Mr. Priyesh Pradhan, Senior Underwriter (Professional Financial Risks
and Cyber), Markel Services India Private Limited. The Summit was concluded by vote of
thanks given by Ms. Gayathri Iyer who thanked every panel member for their valuable
insights, media for the event coverage and young and creative minds of NIA for making the
event successful. The 20th Insurance Summit was coordinated by Mr Steward Doss, Ms
Gayathri Iyer, Mr. Sandeep Pandey and Dr. Shruti Nagar along with the PGDM students of
NIA.