P155 | Management of Motor Underwriting & Claims (OD) (Non-Life)

Motor Insurance (OD & TP) is the largest segment of General Insurance business in India. Though the motor business forms a large part of the overall insurance, the fact remains, that it is also a large contributor to underwriting losses. The segment has potential for further growth, given the fact, that about 60 to 70 percent of the vehicles plying on Indian roads are uninsured.

A major challenge is that motor insurance has become highly commoditised with insurers offering identical products and nearly similar claims service. The point of differentiation for insurers is thus only based on price, leading to a pricing death spiral. Another challenge facing the industry is of low persistency ratio. Recent developments in the motor space include introduction of The Motor Vehicles (Amendment) Act, 2019, regulation on long term policy for two wheelers and private cars, advent of vehicles with elaborate features, use of telematics, Artificial Intelligence, changing consumer behaviour and increasing frequency and severity of claims.

The programme will enable participants develop a holistic understanding of the Motor Insurance to provide significant customer value and make it sustainable business.