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III Conference to focus on Insurance Education, Research
The 55th annual conference of the Insurance Institute of India (III) will be held here on Saturday and Sunday. The Visakhapatnam Institute of Insurance is hosting the conference.
The conference at Hotel Green Park will be inaugurated on Saturday by Vice-Chancellor of AP Law University Y. Satyanarayana. President of III and Chairman-cum-Managing Director of New India Assurance Company Limited M. Ramadoss will preside.
The key note address will be delivered on “Evolution and development of health insurance in India,” by Health Specialist of South Asia Region, World Bank, New Delhi, Somil Nagpal covering various aspects of health insurance.
III Secretary General Sharad Shrivastva addressing a conference along with Director of College of Insurance, Mumbai, P.K. Rath and LIC Senior Divisional Manager and Visakhapatnam III Chairman D. Nageswara Rao said the conference would deliberate on issues concerning the development of insurance education and research and was expected to take decisions on issues concerning the industry in the ever-changing scenario.
Insurance education had acquired more significance particularly in the light of the Insurance Regulatory and Development Authority’s guidelines on education-based selling. The business session of the conference will discuss the future plans, more particularly its examination system, curriculum and training modules.
Mr. Srivastava said the focus area would be accredited centres imparting training to agents beyond licensing training. The 91 associated agencies had been upgraded into accredited training centres.
The III has 40,000 associates. The employment opportunities in the short-term might be reduced in view of the reforms and regulations in the distribution channel. But in the long run they scope was good.
On the health insurance, he said it was still evolving and education, regulation and negotiation would go hand in hand. The new ULIP guidelines would be good for customers and improve the product, he opined. Mr. Rath said the agents needed to be trained and the market would stabilise in course of time.
Mr. Nageswara Rao said III was imparting education to persons associated with both with general and life insurance.
The Visakhapatnam III was established in 1959 and has 2,000 members covering the three north Coastal districts.