Tech’s importance for insurance
Vishakha highlighted technology as a vital component for the insurance industry. Insurers can thrive by enabling task automation, expediting workflows, simplifying data and financial transactions, and facilitating seamless customer-onboarding processes. Technology can also streamline insurance products, making them more accessible to customers and improving accessibility. Vishakha also spoke about the need for advanced technological solutions to detect and prevent fraudulent activities during onboarding.
Onus on investor education
Investor education is everyone’s responsibility, with Subramanian emphasizing the substantial responsibility carried by the buy-side industry to educate and inform investors, including in balancing risk awareness and potential returns. This is particularly important in markets with low penetration, where convincing investors to consider alternative investment options remains a challenge.
Governance and profitability
In addition to investor education, the panel also discussed the importance of good governance and long-term profitability in investment decisions. Nilesh Shah, Group President & Managing Director, Kotak Mahindra Asset Management Company, emphasized the three pillars of robust governance practices, transparency and ethical conduct for achieving sustainable profitability. Competent management is a must for strategic decision-making and resource allocation, Shah said, highlighting the adverse consequences of poor governance on investor confidence.