Key feature: Open House
Guest of the day : Mr. Sanjiv Roy, Vice President- Bancassurance and Alliances, ICICI Prudential
Chairperson : Hufrish Homavazir
I know my reasons better now....the reason of getting associated with Alumni Cell....!Guest of the day : Mr. Sanjiv Roy, Vice President- Bancassurance and Alliances, ICICI Prudential
Chairperson : Hufrish Homavazir
Where else could have I enjoyed such a wonderful interaction with a person, who till date never misses a chance to give due regard to the temple of knowledge(NMIMS) that made him reach where he is today.
The intensity of generosity of such an Alumnus can be known merely by calculating the valuable time, the potential energy and needless to mention the experiential knowledge he shared with us. He generally uses these assets for driving his business day. But all thanks to the indispensable efforts of our Alumni Team without which this day could have never commenced.
After a round of introduction with all the attendees, and to my surprise he was so very much enthralled with a good mix of students and the key point he noted that we had come from diverse work experience backgrounds. He was likely to be moved seeing this and he instantly speculated something which comes as a good news for all of us..."the placement for 2011 would be better than 2010; the placement for 2012 would be better than 2011"...rosy pink cheeks :) well we must always be optimistic guys after all we all know the obvious reason of the cautious market scenarios after the disastrous episodes of AIG & Lehman Brothers. Moreover, we all must give a reason to be the change elements and make ourselves robust enough in our strategies that our ideas and skills work foolproof and that we reach places !
Further we were startled by the facts he shared with us which follows as :
1. Until 1999 only Life Insurance Company was the only Insurance company in India, but after IRDA Act of 1999:
a) Domestic companies were allowed to business
b) Foreign companies were allowed to have business in tandem with a shareholding upper limit of 26 %**
{** Sri Harsha and I had a discussion on this and found the latest development}
Hence, after the latest amendment the upper limit for Foreign Direct Investment has been moved to 49 %
2. India's standing in the world (in terms of premium volume):
Year | India's Standing |
2000 | 20 |
2003 | 19 |
2010 | 10 |
2015 | 7 |
South Korea is still ahead of us and I don't know, I felt a bit uneasy, I do not like South Korea but as soon as I read his next slide for future projection I was so very much happy to see that we will move on 7th and that we will leave South Korea behind...I eventually started laughing but low enough not to distract the audience ;)
3. Today we have 32 life insurance companies in India and the No.1 in private is ICICI Prudential
{Here I would like to take a chance and thank our seniors whose Assignment1 came as a blessing in disguise for me & it was that moment when I actually realized that Knowledge gained in whatever way never goes waste}
4. It was here that he recalled his student days and shared with us the developments and reforms that he has seen in the Indian economy which was immediately followed by the Indian Insurance penetration(TIP, premium as a percentage of GDP) fact:
Year | TIP |
1990s | 1.50% |
2003 | 2.26% |
2010 | 4.10% |
It must also be noted that the total premium in life insurance has increased significantly from Rs 156,076 crore in 2006-07 to Rs 201,351 crore in 2007-08 i.e. 29% increase
5. Only 10% of Indian population depicts the presence of Indian insurance sector. Out of this, the majority is the urban population and hardly rural. Now the automatic question comes to mind as to why not big players like ICICI Prudential tapping this potential rural population?
Well this was how his beautiful way of presenting the real and hard facts comes into account and believe me guys after knowing the reason{which due to obvious reasons cannot be disclosed here} no one of us could move and instantly my brain cells commanded me "BREATH" :)
6. He introduced us with some basic definitions like brokers and tied agents, bancassurance etc.
By this time a good number of questions were satisfactorily answered by Sanjiv and the quest for knowing more and more grew with every passing minute,.....it was only when a signal came from outside for the closure of the room that we realized it is more than 2 hours we have spent assimilating rich and unapproachable information..
Hence, the session needed to be concluded which was followed by Hufrish presenting him memento as a token of thanks and ended it with a vote of thanks !
The story does not end here, I wanted to share this with all of you and make you realize the importance of place you are in and how significantly each moment spent @ NMIMS may change our lives manifolds... :)
Sri Harsha : Special thanks to you for helping me recollect the minutes of the session !
Indranil & Chirag : thanks for poking me and playing music in between so that I could wake up and complete this.
With Best Wishes to future bankers !
Regards
Shaleen Porwal
