SRM INSTITUTE OF SCIENCE & TECHNOLOGY- RAMAPURAM

Faculty of Science and Humanities

Title of the Event: Seminar on the Topic “ Opportunities and Scope in Insurance Industry in India”
Date:  26.02.2025
Time: 12.45 pm to 2.00 pm.
Venue:  East Block, Room Number 110
Total Attendees:
Name of the Speaker :  Mr.Raghavan K.S  
Profile of the Speaker
Lead Trainer, Royal Sundaram General Insurance Co. Ltd.,
Event Mode:  Offline
Incharges:   Event Convenor :

Dr,V.Deepa, PC and Associate Professor – Commerce (A&F)

  Event Coordinators:

Dr.P.Raj kumar, Assistant Professor  – Commerce(A&F)

Dr S.Pratiksha Assistant Professor  – Commerce (A&F)
 Objective of the Event
Foster an Understanding of the Insurance Sector – Educate young minds about the fundamentals of the insurance industry, including its role in financial security, risk management, and economic stability.

Provide Practical Knowledge – Offer insights into various types of insurance, regulatory frameworks, underwriting processes, claim management, and career opportunities within the industry.

Connect with Industry Experts – Facilitate networking with professionals, policymakers, and insurance executives who can provide valuable guidance, share industry experiences, and mentor aspiring individuals.

Explore Growth and Emerging Trends – Highlight the evolving landscape of the insurance sector in India, including digital transformation, InsurTech advancements, and emerging market opportunities.

Encourage Career and Business Opportunities – Motivate participants to explore career prospects, entrepreneurial ventures, and investment opportunities in the insurance sector through workshops, case studies, and real-world insights.

SUMMARY OF THE EVENT

Dr P.Rajkumar, Assistant Professor, Department of Commerce delivered the welcome address. In his speech he warmly greeted the gathering and extended a heartfelt welcome to the guest, he expressed he appreciation to Mr.Raghavan K.S for accepting the invitation to share he insights.

SEMINAR SESSION

The seminar “Opportunities and Scope in the Insurance Industry in India” will emphasize the growing need for financial security and risk management in an evolving economic landscape. With a large, youthful population and increasing financial literacy, India presents significant opportunities for the insurance sector to expand. Rising disposable incomes, government-backed insurance schemes, and digital advancements are driving the industry’s growth. The sector’s expansion is further fueled by policy reforms, foreign investments, and the introduction of innovative insurance solutions tailored to diverse customer needs.

The Indian insurance industry consists of life insurance, general (non-life) insurance, and health insurance, each playing a crucial role in financial protection. Life insurance ensures long-term security through savings and investment-linked plans, while general insurance covers risks related to motor, home, travel, and businesses. Health insurance is witnessing rapid growth due to rising medical costs and the demand for accessible healthcare. With insurance penetration still below global standards, the industry holds immense potential for career opportunities, entrepreneurship, and investment, making it a key sector for economic stability and financial inclusion.

VOTE OF THANKS

Dr.S.Pratiksha, Assitant Professor, Department of Commerce proposed the vote of thanks, expressing her sincere gratitude to Mr.Raghavan K.S , for delivering and engaging and insightful session on Financial security. He acknowledged the valuable knowledge shared aware of the importance of securing their financial future, demand for life insurance products like term plans, ULIPs (Unit Linked Insurance Plans), and retirement plans is increasing

OUTCOME OF THE PROGRAM:

SDG 4: Quality Education

Quality education plays a vital role in equipping individuals with knowledge and skills necessary for personal and professional development. In the context of the insurance industry, education fosters awareness about financial security, risk assessment, and career opportunities, ensuring that individuals are well-prepared to contribute effectively to the sector. By providing specialized training and industry exposure, this goal aligns with the need for skilled professionals in insurance, promoting informed decision-making and financial literacy.

  • Ensures access to knowledge about the insurance industry and financial literacy.
  • Helps individuals develop skills needed for employment and entrepreneurship in insurance.
  • Encourages research and innovation in risk management and policy development.
  • Bridges the gap between academia and industry through practical learning and mentorship.

SDG 8: Decent Work and Economic Growth

The insurance industry is a major contributor to economic stability and job creation, aligning with the objective of promoting sustainable economic growth and employment opportunities. As the industry expands, it generates numerous jobs across various domains, from sales and underwriting to claims management and regulatory compliance. Additionally, insurance plays a crucial role in protecting businesses, individuals, and economies from financial uncertainties, ensuring economic resilience and stability.

  • Supports job creation across multiple roles in the insurance sector.
  • Encourages entrepreneurship through opportunities in insurance advisory and InsurTech startups.
  • Contributes to economic stability by mitigating financial risks for businesses and individuals.
  • Strengthens financial inclusion by providing insurance access to underserved communities.

SDG 9: Industry, Innovation, and Infrastructure

The insurance industry is undergoing rapid transformation with technological advancements, digital platforms, and innovative policy models. InsurTech innovations such as AI-driven risk assessments, blockchain-based policy management, and telematics-based insurance are reshaping the sector. By fostering resilience through innovative products and services, the insurance industry supports infrastructure development and financial inclusion, ensuring that individuals and businesses have access to customized and affordable insurance solutions.

  • Encourages technological advancements such as AI, blockchain, and data analytics in insurance.
  • Enhances efficiency in underwriting, claims processing, and customer service.
  • Supports infrastructure development by providing financial security against risks.
  • Promotes resilience in businesses and households through innovative risk management solutions.

SDG 11: Sustainable Cities and Communities

Sustainable cities and communities require financial security to withstand risks such as natural disasters, pandemics, and economic downturns. The insurance industry plays a key role in ensuring urban resilience by offering policies that cover property damage, health emergencies, and business losses. By supporting disaster recovery efforts, urban infrastructure development, and public health initiatives, insurance contributes to the creation of safer and more sustainable communities.

  • Provides financial protection against risks affecting urban development and housing.
  • Supports disaster management and recovery efforts through comprehensive insurance policies.
  • Promotes financial inclusion by offering affordable insurance solutions for urban populations.

Encourages responsible business practices that contribute to the sustainability of cities.