Subhash Khanna

India isn’t just cost-effective. It is a strategic actuarial powerhouse. For too long, the conversation about offshore actuarial work has been framed around cost savings. Yes, India offers efficiency. But that is only part of the story. India has one of the largest pools of STEM graduates in the world, a rapidly maturing actuarial profession, and a track record of handling complex, global projects. When combined with strong governance, world-class analytics capabilities, and cultural adaptability, this creates something far more valuable than a “low-cost center.” It creates a strategic hub for innovation, transformation, and thought leadership in actuarial science. The future is not about offshore versus onshore. It is about how global teams can leverage India’s talent not just to deliver work, but to shape the direction of the profession.

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#Insurance #Fraud 11.2 Lakh Crore #Insurance #Industry is struggling to find solutions on #Fraud. #Insurance #penetration is also affecting as #premium are increasing multi folds, customers started looking for solutions or alternates of #insurance. #Fraud occurs when #someone #knowingly #lies to #obtain a #benefit or #advantage to which they are not #otherwise #entitled. Made-up #crashes / #fake #accidents: A common kind of insurance scam involves people purposely causing accidents or pretending that an accident occurred to get money from fake claims. Typical tactics involve purposefully #staging #accidents, #fabricating #injuries, or #manipulating #evidence at the #location. Once they set this up, they ask for money to fix their vehicles or for injuries that did not happen in reality. #Fake #records: Making up records means changing or faking documents or data to trick insurance companies into giving unfair benefits. For instance, the policyholder might show fake #medical #papers, make damage seem worse than reality, and create #fake #receipts. These tricks make insurance companies #lose money. #Industry as a whole must plan corrective actions immediately as they had initiated joint #marketing #campaign. #Vehicle #Implant is one of a #serious offence #Motor #insurance #Health #insurance #life #insurance .

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The reinsurance market in India is ready for a change. India's reinsurance market is worth more than ₹50,000 crore, but there isn't a lot of competition. GIC Re has more than half of the market share, while foreign companies like Munich Re and Swiss Re have branches and send most of their profits abroad. Valueattics Re is the only new company to enter the domestic market so far. There is now a move that will change the game. Allianz Group and Jio Financial Services (JFS) have announced a 50:50 joint venture to make India's second fully domestic reinsurer. If they get the green light, they want a composite licence that covers both life and general reinsurance. Why is this so big? Reinsurance is insurance for insurance companies. It protects them from significant risks, such as floods and pandemics. Customers will experience greater stability, lower premiums, and faster claims processing if there is a stronger domestic reinsurance base. It also keeps more money and expertise in India, which means less need for foreign capital. The time is right. India's reinsurance premiums are likely to almost double to ₹99,000 crore by FY26, while general insurance grows by 10% every year. Competition could finally give GIC Re a run for its money and make India's economy stronger. The JV still needs to be approved. But if it works out, this could be the start of a new era, with stronger domestic companies, more foreign experts, and better results for policyholders. Follow Chakrivardhan Kuppala for more insights. (Disclaimer: This post is for educational purposes only and not financial advice. Always do your own research before investing.) #Reinsurance #InsuranceIndustry #FinancialServices #IndiaGrowthStory #AllianzJioJV

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Zurich Kotak General Insurance has announced the appointment of Birendra Mohanty as Chief Business Officer (CBO), marking a strategic addition to its leadership team. With over two decades of experience in insurance sales, distribution, and transformation, Birendra brings proven expertise in scaling operations and driving customer-focused innovations. At ICICI Lombard, he successfully led large-scale transformations across Agency and Broking, SME, and Bancassurance verticals, building high-performing teams and expanding digital-first, customer-centric channels. His leadership played a pivotal role in strengthening market presence and accelerating growth. In his new role, Birendra will oversee Bancassurance (including Banca Digital), Financial Institutions Group, SME, and Institutional & Government Business. Commenting on the appointment, Alok Agarwal, MD & CEO of Zurich Kotak General Insurance, stated that Birendra’s proven ability to lead innovation and scale will help the company unlock new opportunities in India’s evolving insurance landscape. CXO TechBOT extends best wishes to Birendra as he drives growth, innovation, and customer-centric insurance solutions across India. #InsuranceLeadership #CXOAppointments #InsuranceInnovation #CustomerCentricity #DigitalInsurance #InsuranceGrowth #InsuranceTransformation #NonLifeInsurance #BusinessLeadership #CXOTechBOT

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IRDAI's FY27 Proposed Mandate: Unlocking Rural India's Insurance Potential with AI & Generative AI The recent IRDAI proposed mandate for insurers to cover 50,000 Gram Panchayats under rural, social, and motor (Third Party) obligations by FY27 is a truly monumental undertaking. This isn't just a regulatory directive; it's a powerful call to action that champions deep financial inclusion and vastly expands the safety net for millions across our nation. Achieving this unprecedented scale requires more than just conventional boots on the ground. It demands a transformative leap in how we leverage tech adoption, particularly the capabilities of AI and Generative AI. How will AI & GenAI empower us to effectively manage this colossal mandate? Hyper-Localized Reach & Simplified Onboarding: AI: Predictive analytics can pinpoint underserved GPs with high potential, guiding our field teams precisely. GenAI: Conversational AI, accessible even on feature phones, can explain complex policy terms in local dialects, simplify consent capture, and guide users through onboarding steps. Agile Underwriting & Risk Assessment: AI: Leveraging geospatial data and alternative data points for real-time risk assessment and tailored pricing. GenAI: Auto-generating simplified policy documents and explanations in vernacular languages. Frictionless & Trust-Building Claims: AI: From intelligent image/video analysis for immediate damage assessment to predictive fraud detection, AI can drastically speed up the claims process. GenAI: Voice bots or chat interfaces can handle First Notice of Loss (FNOL) in local languages, and guide claimants through documentation. At Bajaj Allianz General Insurance, we've always believed in reaching the last mile. Our established initiatives such as Har Ghar BAGIC and Insurance on Wheels are already bridging the gap, bringing insurance directly to communities via initiatives powered by an AI & GenAI backbone: Our Har Ghar BAGIC agents use AI-powered tools on tablets, guiding customers conversationally through policy options and instant issuance. Insurance on Wheels vans equipped with GenAI assistants facilitate voice-led policy purchases and claim support for rural customers. This IRDAI mandate is not just a target; it's a strategic imperative for a more resilient and inclusive India. By embracing AI and GenAI as foundational pillars, we can transform this challenge into an unprecedented opportunity for growth & penetration across every Gram Panchayat. #IRDAI #FinancialInclusion #RuralIndia #InsuranceTech #AI #GenerativeAI #DigitalIndia #Innovation #BajajAllianzGeneralInsurance #InsurTech

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As AI, automation, and data redefine the boundaries of what’s possible, we’re witnessing a fundamental shift, not just in how insurance is delivered, but in what people expect from it.     India is uniquely placed at the centre of this transformation. With its depth of digital talent and a growing ecosystem of innovation, the country is fast becoming a global hub for designing the next generation of insurance solutions that are intelligent, intuitive, and inclusive.     At MetLife Global Capability Centre (MGCC), we’ve had the opportunity to help shape this journey, by embedding advanced technologies across the value chain while staying grounded in a human-first approach.     In this article, I share reflections on where the industry is headed—and how the confluence of tech, talent, and purpose is creating an inflection point for InsurTech globally. https://lnkd.in/gWYrfUiS     #InsurTech #AI #DigitalTransformation #MetLife #FutureOfInsurance #GCCs #MGCC #CustomerExperience #MetLifeGCC #TechAtMGCC #InnovationAtScale #MGCCLeadership 

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