Insurance Information Bureau of India (IIB) is hosting “IIRFA 2016”, the Annual Conclave of Insurance Information and Ratemaking Forum of Asia, at Hyderabad on May 26-27, 2016. The Conclave will be inaugurated by Shri. T.S. Vijayan, Chairman, IIB on May 27.
IIRFA is a pan-Asian body of Insurance analytics and ratemaking bodies and its annual conclave is held in a different member country each year. This year, it is being held in India, hosted by IIB.
IIRFA 2016 has twin themes of Ratemaking and Insurance Analytics & Financial Inclusion in Insurance. Special sessions on Life Insurance Analytics and Disaster Management and Financing are part of the programme as are Panel discussions on Fraud Control using Big Data Analytics and the integral linkages between micro-finance and micro-insurance.
IIRFA 2016 will have eminent speakers and panelists from India and other IIRFA member countries, namely, Japan, Thailand, Taiwan, Korea, Malaysia and China. Participants will be from the regulatory sector, the Indian Insurance Iindustry (Life & Non-Life) both in the Government & Private sector besides top management of Insurance data bodies of other Asian countries.
Over 200+ delegates are likely to attend IIRFA 2016 at Hyderabad to share and discuss critical developments in Insurance Analytics and to showcase initiatives in Financial Inclusion in insurance as well as lessons learnt.
Some of the important speakers at the conference include Dr. V. Thiruppugazh, IAS, Joint Secretary (Policy & Plan), National Disaster Management Authority, Govt of India, Mr. Kazunori Onoe, Managing Director, General Insurance Rating Organization of Japan, Mr. Worasit Thititanakarn, Advisor, The Insurance Premium Rating Bureau, Thailand, M.s Munling Chung, Deputy Director, Taiwan Insurance Institute, Shri. Sanjay Datta, Chief - Underwriting, Reinsurance and Claims, ICICI Lombard General Insurance Company Ltd., Dr. Vijay Mahajan of Basix India and Shri. B. N. Narasimhan, General Manager, GIC Re.
Established by IRDA in 2010 as a single platform to meet the needs of Indian insurance industry, IIB gathers transactional level data on insurance from both Life and General Insurers performs analytics for the benefit of the Industry, policy makers, Regulator and the public at large.
Within a short span of time, IIB has taken significant strides towards making an impact on the insurance industry and the society at large.
A few notable initiatives
V-Seva: A repository of Vehicle Insurance policy information. Police, insurers and the-public can check whether a vehicle has a valid insurance policy or not at any point of time using this service.
ROHINI: The Unique Hospital Id Initiative, captures all hospitals in India which falls under Health insurance provider network through a unique ID helping reduce fraudulent claims, and making health insurance more affordable in the long run.
Property Insurance: Analytics of product pricing in Fire insurance, concentration of exposures, impact of natural catastrophes, etc., enabling insurers to be more prepared for the risks undertaken by them.
Health Insurance: Publication of Health Burning Costs.
Motor Insurance : Analytics Reports of IIB is treated as a benchmark by the actuaries at general insurance companies for pricing.
IRDA has extensively used data from IIB to effect the revisions to the third-party motor insurance premiums.
IALM reports, the DNA of life insurance products and their pricing, will now be published under the aegis of IIB.
About IIRFA 2016
Insurance Information and Ratemaking Forum of Asia (IIRFA) is an organisation voluntarily created by Insurance Analytics organisations of Asian Countries. Currently the membership comprises: Korea Insurance Development Institute (KIDI), Insurance Premium Rating Bureau of Thailand (IPRB), Insurance Services Malaysia Berhad (ISM), Taiwan Insurance Institute (TII), General Insurance Rating Organization of Japan (GIRO), Insurance Association of China (IAC) and Insurance Information Bureau of India (IIB).
Indonesia Financial Services Authority (Otoritas Jasa Keuangan – OJK) has expressed desire to enroll as a member.
The objective of IIRFA is to enable Insurance Analytics bodies in Asia to meet, interact and exchange information on the state of Insurance Analytics in their respective countries. For more details, visit www.iib.gov.in
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