GITAM School of International Business, GITAM University organised a conference on ‘Towards Risk-Based Solvency (RBS) Approach in Insurance – Status check on Asia Pacific’ on July 29. It was sponsored by ICICI Prudential. Sanjeeb Kumar, President of the Institute of Actuaries of India (IAI) and Appointed Actuary, AVIVA India Life Insurance Co Ltd explained the interaction of the trinity concept — Risk, Solvency and Capital, and its significance in India’s soft power strategy, while delivering the presidential address. Prof V K Kumar, Director, GITAM School of International Business (GSIB), in his welcome address said that RBS is the need of the hour and the conference was an opportunity to learn best practices from professionals.
Prof K K Narayanan, Joint Director, GSIB and Conference Director explained that Risk Based capital (RBC) approaches adoption has seen much progress across geographies and is a very important theme even for Indian Insurers in the current juncture
The inaugural session was followed by three technical sessions and panel discussion moderated by Prof K K Narayanan. The speeches and discussions provided holistic insights on the theme of the conference. The speakers included - Kailash Mittal, Director - KPMG (Actuarial Practice). He gave insights on 'Adoption of RBC in Asia Pacific Countries'. Abhishek Chadha, Senior Consultant, Willis Towers Watson, India, highlighted the 'RBC implementation Challenges' faced by the insurance industry. Himanshu Garg, Vice President, Marsh India, spoke on 'RBC Challenges for Insurance Brokerages'. The conference ended with Vote of Thanks by Conference Director. The conference was attended by professionals, participants from industry, academia and students.