10th Seminar on Current Issues in Life Assurance (CILA)

• Presentations

• Post retirement products: Need for protection when people live longer - Daisy Ning
• The teenaged Life Insurance Industry – Lessons learnt and way ahead - Puneet Nanda
• With Profit Committee GN6 - Towards better governance of With Profits business and enhancing transparency - Sanket Kawatkar
• Photos

 

Announcement

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The Advisory Group on Life Insurance has scheduled 10th CILA

Background:

CILA is the flagship event of the Institute of Actuaries India, in the Life Insurance area. It is an annual seminar organized by the ‘Life Insurance Advisory Group’ of the Institute. The objective of the seminar is to present, discuss and deliberate on the various issues that are of significance today to the Indian Life Insurance Industry. The seminar is a combination of speeches, presentation and panel discussions. The coverage is broad so as be of interest to a diverse set of participants working in different areas of the life insurance industry. The content, in large parts is non-actuarial, non-technical and hence of relevance to the non-actuarial audience as well. In the past, we have seen a significant part of the audience drawn from very diverse areas of Life Insurance practice. Further, the seminar provides a platform to bring together various view points on many different issues of significance. It also provides an opportunity to each participant to interact, participate and air his views.

Seminar will cover the following:-

• Review of the Life Industry, Structure, Regulations, with insight on current happenings and future directions.

• The teenaged Life Insurance Industry - Lessons learnt and way ahead

• Post Retirement Products, need for protection when people live longer.

• Taxation of the Life Insurance Industry – Key issues· Towards better Governance of ‘With Profits’ Products, enhancing transparency.

Panel Discussions on:

• Recent Regulatory changes, impact on pricing, customer/company value, product simplicity, mis-selling and innovation.

• Changing Role of Appointed Actuary.

• Challenges of Distribution Strategy.

Speakers:

Thomas Mathew, Ex Chairman in Charge LIC of India; Puneet Nanda, ED, ICICI Prudential Life; Heerak Basu, Tata AIA; Sunil Sharma, Kotak; Satyan Jambunathan ICIC Prudential; B N Rangarajan Exide Life; Daisy Ning, Swiss Re Asia; Nilesh Sathe, LIC; Anand Pejawar ,SBI Life; N M Govardhan; Rajesh Dalmia, EY; Vivek Jalan, Towers Watson; Sanket Kawatkar, Milliman India; Vinod Kumar , IAI; I S Rao, Mercer;Peeyush Dalmia, Mckinsey, Pradeep Thapliyal.

Who Should Attend?

All financial professionals associated with the Life Insurance industry.

General Matters

• Registration Fees : Rs.5000/- (+ 12.36% Service Tax)

• Registration Ends 20th November, 2014

• Register at:http://www.actuariesindia.org.in/seminarRegistration.aspx

• Dress Code: Smart Casual

• CPD Credit for IAI Members: 4 hrs (As per APS 9)

• Point of Contact for any query: Quintus Mendonca quintus@actuariesindia.org

Rajesh Dalmia
President,IAI

Sanjeev Pujari
Chair, Life Insurance Advisory Group

Brief on Topics

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• Topic: Opening Session

• 1. Review of the Life Insurance Industry, Structure, Regulations and vision for the future by Thomas Mathew

• 2. The teenaged Life Insurance Industry – Lessons learnt and way ahead by Puneet Nanda

• Topic: Regulatory changes (Products, Reinsurance) & impact on the industry in terms of pricing, customer value, shareholder value, mis-selling, best practices, simplicity and product innovation.

Summary of Panel discussion:

• The panel is made up of a group of currently serving Appointed Actuaries in Life Companies in India.

• The discussion is meant to give different perspectives on the changes in the Regulations and the Regulatory environment (since 2010) by eliciting the AA’s view points on the various aspects of regulatory changes introduced in the recent years including a critical review of the cost benefit analysis of these changes.

• The discussion will also focus on the challenges they face on account of these changes. The Panel would also look ahead in terms strategies to be adopted in terms balancing the interest of the various stakeholders while ensuring a sustainable growth of the Life Industry.

Facilitator – B N Rangarajan
Panelists

• 1. Heerak Basu

• 2. Sunil Sharma

• 3. Satyan Jambunathan

Topic: Post retirement products: Need for protection when people live longer By Daisy Ning

Summary of Presentation:

• India has been traditionally been a savings focused market. However, with the increase in the life expectancy, there is need for living benefits as well as death benefits. In this talk we look some of the morbidity as well as longevity products. These products have been successful in some markets and we will consider the factors that have made these products more attractive. While we look at examples from other markets, we will discuss what these insights may mean for the Indian market.

Topic: P Taxation of Life Industry by Vinod Kumar

Summary of Presentation:

• IAI team will review the current Life Insurance taxation structure in India. They will also highlight the various contentious aspects of the tax rules which have led to litigations over the last decade.

1. Topic: Review of the Distribution Strategy and new channels for Distribution

Summary of Presentation

• The panel will be constituted by a few distribution heads or ex distribution heads. They would critically look at the recent trends and developments of the various distribution channels currently in place. They would also discuss the relevance of agency channel at the current time for the new age private companies, optimization of productivity of the Bancassurance Channel and the future possibilities in terms of alternative / emerging channels of distribution (including online). This would be seen in the context of the Regulatory constraints currently in place and possible changes in the distribution structure that are being contemplated.

Facilitator - N M Govardhan

Panelists

• 1. Nilesh Sathe (LIC of India)

• 2. Anand Pejawar (SBI Life)

• 3. Peeyush Dalmia (Mckinsey)

Topic: Changing Role of the Appointed Actuary

Summary of Panel discussion:

• Discussion on experiences of the Appointed Actuaries. Panelist will include past Appointed Actuaries.
• The panel will take a ringside view on the current role and responsibilities of Appointed Actuary in a Life Company and how the role has changed since the position was created in India.
• A critical view of position in terms of meeting the expectation of the various stakeholders (policyholder, management and the regulator) and whether the AA has been successful in meeting the various expectations.
• The panel would also seek to answer the question whether the AA position has stood the test, whether the role remains appropriate, needs to be reviewed or even be discarded and replaced by other roles as has happened in some other territories.

Facilitator – Vivek Jalan
Panelists

• 1. Rajesh Dalmia

• 2. Pradeep Thapliyal

• 3. I S Rao (Mercer)

• 3. MSVS Phanesh (PNB Metlife)

Topic: With Profit Committee GN6 - Towards better governance of With Profits business and enhancing transparency by Sanket Kawatkar

Summary of Presentation:

• A review of requirements of the With Profit Committee as stated in the Product Regulations 2013.
• The speaker would look at how the With Profits Committee, the contract level asset share calculation can facilitate better governance of the With Profits Business and enhance transparency.
• The challenges faced by the Life Companies in terms of Asset Share calculation and using the results in order to gain insight into the business. The role of the WPC will also be discussed.
• The relevant provisions of GN6 (Management of Participating Business) will also be reviewed in this context and in the larger context of With Profits Governance.

Program Schedule

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	Time	Session	Speakers
	0900 - 0930	Registration
S1	0930 - 1030	Opening Session	Thomas Mathew, Ex Chairman - in - Charge, LIC of India; Puneet Nanda, Executive Director, ICICI Prudential Life
S2	1030 - 1130	Panel Discussion: Regulatory changes (Products, Reinsurance) & impact on the industry in terms of pricing, customer value, shareholder value, mis-selling, best practices, simplicity and product innovation.	Facilitator - B N Rangarajan (Exide Life Insurance)  Panelists 1. Heerak Basu (Tata AIA) 2. Sunil Sharma (Kotak) 3. Satyan Jambunathan (ICICI Prulife)
	1130 - 1145	Networking & Tea Break
S3	1145 - 1230	Post retirement products: Need for protection when people live longer.	Daisy Ning, Regional Product Actuary, Swiss Re Asia
S4	1230 - 1315	Taxation of Life Industry	Vinod Kumar, Research Head, IAI
	1315 - 1400	Networking & Lunch
S5	1400 - 1515	Review of the Distribution Strategy and New Channels for Distribution	Facilitator - N M Govardhan Panelists 1. Nilesh Sathe (LIC of India) 2. Anand Pejawar (SBI Life) 3. Peeyush Dalmia (Mckinsey)
S6	1515 - 1530	Networking & Tea Break
S7	1530 - 1645	Changing Role of the Appointed Actuary	Facilitator - Vivek Jalan (Towers Watson) Panelists 1. Rajesh Dalmia (EY) 2. Pradeep Thapliyal (DHFL Pramerica) 3. I S Rao (Mercer) 4. MSVS Phanesh(PNB MetLife)
	1645 - 1730	With Profit Committee GN 6 Towards better governance of With Profits business and enhancing transparency	Sanket Kawatkar (Milliman)
	1730	Closing Remarks

Speakers Profile

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Thomas Mathew T
Retired as the Current-in-Charge Chairman
Life Insurance Corporation of India.

Mr. Thomas Mathew T, retired as the Current-in-Charge Chairman of Life Insurance Corporation of India. He has 36 years of experience in the Life Insurance industry in India. After acquiring operational experience at the Branch and Divisional level, Mr. Mathew moved to leadership positions as Senior Divisional Manager, Zonal Manager, Executive Director and Managing Director. He acquired business and people management acumen through several years of strategizing and innovating in the entire spectrum of Life Insurance, in the competitive Indian market. He was Managing Director of the Corporation for 7 years holding charge in turn of all the functions of the Organization. He was then elevated to the position of Current-in-Charge Chairman of the Corporation Mr. Mathew has successfully handled, all the departments in LIC of India including Marketing, Pensions, Group Schemes and Financial Inclusion, Investment, Information Technology and International Operations. He was instrumental in taking many far-reaching decisions for the Corporation. He has attended various Management courses in institutions like IIM Ahmedabad, ISB, MDI, etc. He has traveled to U.S.A, Europe and Africa in connection with the International Operations of LIC and has attended the MDRT convention at Denver. He is a powerful orator and a much sought-after speaker in several Industry forums. Mr. Mathew holds a Post-graduate Diploma in Management, a Post-graduation in Economics and is a graduate in Law. He is also an Associate of the Insurance Institute of India and has an Advanced Diploma in the Spanish Language. Outside his professional sphere, Mr. Mathew is an avid reader and is passionate about music and travel.

Heerak Basu
Senior Vice President & Appointed Actuary
Tata AIA Life Insurance Company Limited.

Heerak is the Appointed Actuary of Tata AIA Life and has been since November 2005.
Prior to joining Tata AIA Heerak was a Director and consulting actuary with Watson Wyatt (now part of Towers Watson) in Singapore consulting to countries in South East Asia covering India, Singapore, Malaysia, Indonesia and Sri Lanka.
Heerak is a Fellow of the Institute of Actuaries of India, a Fellow of the Institute and Faculty of Actuaries of the United Kingdom and a Fellow of the Singapore Actuarial Society. He also holds a MA degree in Mathematics from Cambridge University and a MBA from the University of Strathclyde.

Daisy Ning
Regional Product Actuary
Swiss Reinsurance Company.

Daisy is Regional Product Actuary for Swiss Re's Life & Health Products in Asia Pacific. Daisy re-joined Swiss Re in June 2011 and is now responsible for the Pricing functions in Asia including Australia and New Zealand. Prior to joining Swiss Re, Daisy was the Chief Pricing Actuary of RGA Reinsurance Company, overseeing the pricing of all reinsurance transactions for RGA in Hong Kong and Southeast Asia.
Just before RGA, Daisy was Consulting Actuary at Watson Wyatt Insurance Consulting Limited, where she assisted in numerous mergers and acquisitions, appraising embedded value, raising capital, bancassurance business planning, strategy review and market research, product development and pricing projects for global and domestic insurance companies in Asia Pacific. Daisy began her actuarial career with Swiss Re, holding posts in the fields of actuarial pricing, equity analysis, financial reinsurance and client management. Following this, she also served as Marketing Actuary at Sun Life Financial’s Asia regional office. Daisy received her Bachelor of Mathematics degree in actuarial science and statistics from the University of Waterloo, Canada, and became a Fellow of the Society of Actuaries in 2003.

N M Govardhan
Actuary and Former Chairman
Life Insurance Corporation of India.

• Two Year Professional Statisticians Course of Indian Statistical Institute, Calcutta(equivalent to M.Stats)

• Executive Trustee LIC Mutual Fund (1993-94)

• Chief Executive Jeevan Beema AMC(LIC Mutual Fund)(1994-96)

• Chairman (Chief Executive) LICI (1996-97).

• Member Interim Insurance Regulatory Authority, 1996

• Internal Actuary Insurance Regulation Bank Negara Malaysia(Dec97-Sept 2003)

• Past President Actuarial society of India

• Actuary to Beema Samiti, Insurance Regulator in Nepal(2006-till date)

• Director Indian Institute of Risk Management, Hyderabad.

Former Chairman LIC.Long Career of over four decades in Insurance covering all areas of Marketing, Investment, Actuarial, Administration, Management in India, Zambia, Bahrain, Mauritius, UK, Kenya and Malaysia. For six years was in Insurance Regulation in Malaysia as Actuary in Insurance Regulation Department, Bank Negara Malaysia (Central Bank of Malaysia, which supervises and regulates Banking and Insurance in Malaysia). Led a team to develop Risk Based Capital in Insurance Companies in Bank Negara, Malaysia. At present Member IRDA –Insurance Advisory Committee. Also now Actuary to Beema Samiti Insurance Regulator in Nepal.

Vinod Kumar
Head – Research
Institute of Actuaries of India.

Mr. Vinod Kumar K, M.Sc., B.Ed., AIAI is currently working as Head-Research in the Institute of Actuaries of India, carrying 24+ years of experience in various disciplines of Indian insurance market. There are quite a good number of insurance related topics undertaken and completed as research projects by him under the banner of Research department of IAI among which “Life Insurance taxation in India-A Perspective” assumes a lot of significance to the life insurance industry in India. The paper is the first one of this kind in the Indian market which also covers service tax and policyholder taxation elements.

Vivek Jalan
Director – Risk Consulting
Towers Watson.

Vivek Jalan is Director - Risk Consulting, India and leads life insurance consulting practice in India. He joined Towers Watson in 2005 and since then has been involved in various projects related to statutory valuations, embedded value reporting, with-profit fund management and product developments for a wide variety of clients based in India as well as other markets. He has been Appointed Actuary Peer Reviewer as well as Independent Actuary in With-Profit Committee for various life insurers in India and led several appraisal value review projects in Indian market. Prior to joining Towers Watson, he has worked with life insurance companies in India for around six years.
Vivek is a Fellow member of the Institute of Actuaries of India and Fellow of the Institute and Faculty of Actuaries, UK. He holds a Postgraduate Diploma in Business Administration with specialization in Finance. He qualified as a Chartered Financial Analyst (“CFA”) from the Institute of Chartered Financial Analyst of India in 2000.

Puneet Nanda
Executive Director
ICICI Prudential Life Insurance Company Ltd.

Puneet Nanda is ‘Executive Director – Business’ on the Board of ICICI Prudential Life Insurance Company Limited, the largest private life insurance company in the country.
He has been with the company since inception and consequently has been a part of the life insurance sector ever since it opened up in 2000-01.
Currently, he is responsible for managing the integrated business operations of the company comprising Sales & Distribution, Product Design & Management, Brand & Marketing, Information Technology, Customer Service & Operations and Underwriting & Claims.
Prior to this role, he was the ‘Executive Director – Corporate Center’ of the company and was responsible for Finance, Investment Management, Product Management, Business Intelligence & Strategy, Technology, Central Service & Operations, Legal, Compliance, Secretarial, Internal Audit and Corporate Communications.
Having managed almost all functions of ICICI Prudential Life Insurance over time, he has a deep insight into the various facets of the operations of a life insurance company.
His experience spans more than two decades in financial services having worked in ICICI Securities and J.P. Morgan earlier.
By qualification, Puneet is an engineer and management graduate from Indian Institute of Management, Lucknow.

Rangarajan B N
Chief Risk Officer and Appointed Actuary
Exide Life Insurance Company Limited.

Rangarajan is the Chief Risk Officer and Appointed Actuary of Exide Life Insurance Company Limited. He is a Fellow Member of the Institute of Actuaries of India and also possesses a Master’s degree in Statistics from the University of Mysore. He has been with Exide Life Insurance for over 8 years and has worked in various capacities such as Head of Product Development, Value reporting to the shareholder, Group Actuary etc.,. He has pioneered various projects to calibrate Economic Capital and Market Consistent Embedded Value for Exide Life Insurance. Prior to joining Exide Life Insurance he has over 12 years of experience with different Life Insurance companies including LIC of India, GE Capital and Met Life. He has been actively participating in various activities of Institute of Actuaries of India and in the past he has been the Chairperson of the Sub-committee for Economic Capital & Education Advisory Group and Secretary to the Advisory Group for Pensions and Social Security. He is currently the Chairperson of the ERM AG and member of the LIAG of the Institute of Actuaries of India.

Sanket Kawatkar
Principal and Consulting Actuary
Milliman.

He is the head of Milliman life insurance consulting practice in India and is based in Mumbai. He has been a consultant for over 11 years and is well known in the industry.
Prior to Milliman, Sanket worked with Watson Wyatt (now Towers Watson) for more than eight years and was responsible for the growth of its life insurance consulting practice in India. Sanket has also worked with the AIG group in Singapore and in India for over six years. His experience in AIG covered the roles of the actuary for the company’s life insurance venture in India in its initial years, as well as that of a member of the actuarial team in Singapore, involved in product development and pricing, statutory valuations and experience analysis. Sanket has consulted with almost all the life insurance companies in India in various areas. Sanket has been a member of the Life Insurance Advisory Group of the actuarial profession in India and has also been a speaker at various forums over the past several years.

Sunil Sharma
Appointed Actuary and Chief Risk Officer
Kotak Life Insurance Ltd.

Sunil Sharma, MSc, FIAI, FIA is an Actuary by profession, qualified through the Institute of Actuaries of India (IAI) and is also a Fellow of Institute and Faculty of Actuaries (IFA), UK. He joined Kotak Life in March 2012 and is currently the Appointed Actuary and Chief Risk officer of Kotak Life Insurance. He is also an elected member of council of the Institute of Actuaries of India.
Sunil has more than 24 years of global experience in the areas of Life and Health direct Insurance and reinsurance business. Sunil’s Experience Include Product Development, experience analysis and feedback into pricing process, Group business Management, Life & Health reinsurance pricing, reinsurance Treaty Agreements, Client Management, Statutory reserving, Shareholder’s Valuation, Risk and capital Management and the management of with profit business.
Sunil started his career 24 years back with Life Insurance Corporation of India (LIC) where he gained significant experience in the area of Individual and group Business Management. He played a major role in the area of product Development in GE Financial Assurance (now Genworth) based out of Richmond, USA and later he was instrumental in setting up the Actuarial COE in GE India. He played a key Actuarial Management role in Swiss Re for his more than seven year’s tenure in India, Singapore and UK Markets. Before Joining Kotak Life Sunil was Head of Actuarial in ICICI Prudential.

Ananad Pejawar
Executive Director
SBI Life Insurance Company Ltd.

Mr. Pejawar is Executive Director (Marketing) SBI Life Insurance Company Ltd. He has 31 yrs of total professional working experience. This experience ranges from Life Insurance Corporation of India to the Top Management in organization.
He is Bachelor of Science (Hons) From University of Bombay & Post Graduation Diploma in Financial Management- from K. C. College of Management Studies.
Mr. Pejawar has been conferred with “The 50 Top Brand Leaders of India” & “Industry Champion – Industry Personality of the year Award” in the year 2013 in Mumbai. Recently he has been conferred with the “Insurer Professional of the Year Award” at the Asia Banking, Financial Services & Insurance Sector Excellence Awards held on August 1, 2014 in Singapore.

Nilesh Sathe
CEO
LIC of India.

Nilesh is a CEO, LIC Nomura MF AMC in Mumbai. Previously he worked as Zonal Manager, North Zone, New Delhi From 2011 -2012, Executive Director (Strategic Business Unit – CLIAS), LIC from 2008 -2011, Head (Strategic Business Unit – Pension & Group Schemes), LIC of India from 2004 – 2008, Senior Divisional Manager, LIC of India 2000 – 2004, He Joined LIC as Direct Recruit Officer & Worked on administration & marketing throughout India from 1983 -2000. He also worked at Canara Bank & Bank of India from 1977 – 1983.
Nilesh is a Master of Commerce from Nagpur University. He his certified Associate of Indian Institute of Banker’s. He has received ‘Navshakti Award’ for Exemplary Contribution to Insurance Industry & Regularly interviewed on various TV Channels such as CNBC TV 18, E.T Now, Doordarshan, Zee, etc.

Peeyush Dalmia
Partner
McKinsey.

Peeyush Dalmia is a Partner in the India office of McKinsey & Company. He joined the Firm in 2007 and has worked across India and South East Asia focusing on serving financial institutions on strategy, distribution and risk management related issues.
Peeyush is a core leader in the India Financial Institutions Group Practice with significant experience in insurance and asset management. Peeyush is a graduate in Mechanical Engineering from Jadavpur University. He holds an MBA degree from Indian Institute of Management, Calcutta where he was on the Director Merit List.

I Sambasivarao
Mercer.

Mr. Rao is presently working with Mercer. He worked as Appointed Actuary for 9 years in SBI life and SUD life. He has developed nearly 100 products during the last 9 years. He started his career with LIC of India & also worked in East African Insurance Companies for 7 years. His hobby is equity research and analysis. Mr. Rao is also good at stock selection.

Satyan Jambunathan

                     Executive Vice President - Actuarial & Appointed Actuary
                     ICICI Prudential Life Insurance Company  Ltd.

Satyan Jambunathan is Executive Vice President – Actuarial and Appointed Actuary at ICICI Prudential Life Insurance Company Limited. He is a Fellow of the Institute of Actuaries of India. He holds his current role since May 2013. Prior to this role, he held various responsibilities including Head of Finance and roles within the Actuarial function at ICICI Prudential including product pricing, reinsurance, statutory reporting and shareholder reporting.
Prior to joining ICICI Prudential, he was with the Life Insurance Corporation of India in various roles in Actuarial, Underwriting and Investments.