Mumbai:Concern for the environment alongside the need for “expanding the Sustainable Value Chain” was emphasized during the 7th BIMTECH Insurance Colloquium” held here recently.
Professor Bejon Kumar Misra, International Consumer Policy Expert, Member Executive Committee—General Insurance Council, narrated the story of Jamshetji Tata whose first concern was to lay roads with trees for creating a “green environment” before setting up the Steel plants there.
Emphasizing the need for protecting the related environment before setting up any business, Misra said sustainability remained the core focus and even the insurance sector should ensure this fact.
“Insurance is a +noble+ business. We should stop trying to ‘ape’ others as Indians can do miracles and the world is one family which needs to be taught to be innovative and create an ecosystem to deal with the environmental challenges,” Misra said while noting that innovation occurred during a +customer-centric+ focus where criticism was viewed constructively.
Pointing out about the insurance sector being viewed the lowest in insurance penetration due to lack of customer focus, he said LIC however did well due to its customer centric efforts.
“Let’s create a +WOW+ factor by researching customers’ needs,” he said while describing the ‘Bimtech Insurance Colloquium’ as a great initiative alongside India growing into “AmritKaal” with a Rs 5 trillion economy and achieving the “17 Sustainable Goals” by 2030, besides working towards eradicating poverty and making healthcare affordable for all.
Releasing the “India Insurance Report” jointly with other representatives, M R Kumar, Former Chairman, LIC of India, emphasized for focus on “how to be sustainable – post climate change” as it significantly impacted property, industry etc., including flooding and agriculture where bad weather and drought caused losses with Maharashtra and another state suffering Rs 10,000 crores worth of crop damage.
“Policymakers need to also focus in this regard, even as insurance extends its coverage. Climate risks do not +occur out of the Blue+ and it is in the interests of the insurance sector to ensure that its customers get the best protection for their businesses,” Kumar added.
