Message from the Founder and CEO
A Vision for Transforming the Indian Insurance Industry: From Liability to Prosperity
The Liability Challenge
Liability risks, particularly long-tail exposures, have presented a formidable challenge in recent times. The Indian insurance landscape has been marred by a lack of underwriting skills & Market Intelligences. These issues have led to substantial losses for Insurers/Reinsurers. This concerning trend has even extended to sectors such as cyber space, pharmaceuticals, and financial institutions.
The Consequences
The consequences of these challenges are far-reaching. Underwriting capacities are gradually being withdrawn from the Indian markets, and our once-thriving industry is at risk of stagnation. This is not only detrimental to insurers but also affects our ability to provide vital risk protection to businesses and individuals alike.
Our Vision
It is my belief that adversity can be turned into opportunity. Our vision is to generate capacity within the Indian market by nurturing and elevating the skills of underwriters. We are committed to handholding these professionals and equipping them with advanced knowledge and expertise.
The Path Forward
Education and Training: We will invest in comprehensive education and training programs for underwriters. This will encompass both traditional and emerging risk domains, ensuring that they are well-equipped to handle complex challenges.
Collaboration: We will foster collaboration within the industry, creating a network of experts and resources. This collective knowledge will be a powerful asset in tackling the intricacies of liability risks.
Technology Integration: We will embrace cutting-edge technology and data analytics to enhance underwriting accuracy and efficiency. This will not only mitigate risks but also improve the overall customer experience.
Transparency and Ethics: Upholding the principles of utmost good faith and transparency will be at the core of our operations. We will lead by example, setting a high ethical standard for the industry.
Long-Term Focus: Recognizing that liability risks are often long-tail in nature, we will encourage a long-term perspective. This will allow us to sustain losses while also generating a healthy top line for the industry.
In Conclusion
We are embarking on a journey to transform the Indian insurance industry from within. Our commitment to nurturing underwriting talent, embracing technology, and upholding ethical standards will not only reverse the adverse trends but also make India a hub for insurance excellence.
I invite all stakeholders to join us on this transformative journey. Together, we can turn liability into prosperity and secure a brighter future for the Indian insurance industry.
Jatin Punjani
Founder and CEO
Profound Risks Services LLP