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Rediff.com  » Business » Insurers go to school near the Alps

Insurers go to school near the Alps

September 03, 2003 11:01 IST

The top brass of the Indian insurance industry - from the chief executive officer to the head of operations as well as appointed actuaries - will be flying out to Zurich next Thursday at the invitation of Swiss Reinsurance Company.

This is the second time Swiss Re has held a four-day educational session focused solely on its Indian insurance clients.

All the 12 life insurance players in the country, with the exception of Birla SunLife Insurance Company, reinsure with Swiss Re including the Life Insurance Corporation of India.

They will be in Zurich between September 7 and 11 participating at discussions in the training centre. Birla SunLife Insurance reinsures with the South Africa-based RGA.

Said ICICI Prudential Life Insurance Company CEO Shikha Sharma: "It's almost like going back to school again as our reinsurance partner Swiss Re talks of the latest trends and global practices."

After discussions with the Indian companies, Swiss Re has outlined a training module that includes trends in risk management, product development, accounting, mortality experience and bancassurance.

"The training session gives us a lot of exposure to what's happening internationally in terms of underwriting and risk management," said OM Kotak Mahindra Life CEO Shivaji Dam.

While companies need to pay for their own travel, Swiss Re picks up the tab in terms of boarding and lodging in Zurich.

The idea behind this exercise is to share experience and best practices prevailing globally with its newest clients since the opening up of the insurance sector.

Other global service providers like Visa, Master Card and NCR also conduct similar sessions in terms of sharing best practices with their customers.

Many a times Visa and NCR present something out of their research labs as well as share global data.

BS Banking Bureau in Mumbai