Insurance Data Meet To Be Held in Hyderabad

Insurance InformationHyderabad will play host to a two-day, annual conclave of Insurance Information and Ratemaking Forum of Asia, from May 26, being organised by the Insurance Information Bureau (IIB) of India.

It is for first time that the body of insurance analytics and ratemaking bodies will have its conclave in India.

Over 200 delegates, including those from regulatory agencies, insurance firms besides top management of insurance data bodies from the other six Asian-member countries, were expected to attend IIRFA 2016.

Briefing presspersons here on Wednesday, Bureau’s Chief Executive Officer R. Raghavan said some of themes on which the deliberations would centre were Ratemaking and insurance analytics, financial inclusion in insurance, and life insurance analytics and disaster management and financing.

Panel discussions on fraud control using big data analytics and the internal linkages between micro-finance and micro-insurance also formed part of the conclave.

T. S. Vijayan, chairman of the Insurance Regulatory Development Authority of India and IIB, would inaugurate the conclave on May 27, a release said.

According to Mr. Raghavan, IIB was able to impress on the Forum the need to hold the conference in India. Thailand, which was to host the conclave, would be hosting the 2017 edition.

Data and analytics were integral to success of insurance companies, he said, pointing out that except Japan and Korea other Asian countries lagged behind in acquiring and assessing data.

Ratemaking, which was the process of arriving at the insurance premium, also helped in fraud mitigation, Mr.Vijayan said, hoping the conclave would be a learning experience.

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