About Dr.Tarun Agarwal
Dr.Tarun has more than 30 years of Industry Leadership and Academics experience. He has been part of the teams at HDFC, ICICI and State Bank of India including FINO PayTech. Dr. Agarwal has worked extensively in the areas of Microinsurance, Financial Inclusion (Savings, Credit, Remittance& Insurance), Financial Education, Microfinance, Corporate Strategy, Funding & Business Scale, Product & Innovations, Human Resources, and Digital Payments.
As an academician he has been with leading business schools in India as Member Governing Council & Director, Professor, HOD cum Chairman Placements. His areas of expertise include: Commercial Banking, Corporate Credit Appraisal & Finance, Banking Operations, Microfinance, Insurance, Inclusion, Financial Markets & Services, B2B Marketing and Human Resources Management.
He has to his credit, Ph.D. in Management, Master of Business Administration, and he is a Fellow of the Cost and Management Accountants of India too.
He has been the recipient of “Stallion” award in his previous stints and is fondly known as the ‘India Inclusive Business Leader’ having won an award from International Finance Corporation, The World Bank Group, USA for his contributions in the space of Digital Inclusion and bringing about a change in the lives of millions of people in the country.
His Vision is to create Academic Excellence, Build Collaborative Community, Inculcate Leadership with Social Responsibility, Global Perspective, and Experiential Learning.
He is a person high on Integrity and strongly believes in the fact that “Passion Works Wonders”.
In a recent interaction with Dr.Rakesh Agarwal, Editor, The Insurance Times, he shared his thoughts on recent development at National Insurance Academy, Pune.
Q: National Insurance Academy (NIA) is one of the most renowned Institution in the Insurance landscape in India. Can you provide a brief overview of the educational activities being undertaken at NIA currently?
A: National Insurance Academy is undoubtedly the most renowned institution not just in India, but internationally. We are an apex institution in the field of education, training, research and consultancy in insurance, pension and allied areas. All the year round, we conduct Management Development Programmes for the officials of the insurance industry. Every year, more than 300 training programmes are conducted, which are attended by more than 8000 officials from the insurance industry (both, public sector and private sector, and both domestic and international). NIA also offers numerous online certification and diploma courses to help the industry professionals to hone their skills in the specific domains. Additionally, we run a large 2-year full time Post Graduate Diploma in Management course offering dual specialization in Insurance and Management. The course is approved by AICTE, accredited by NBA, and is equivalent to MBA by AIU. At present, we have 300+ students pursuing the course.
Q: In your opinion, what are the current trends and challenges in the insurance sector, and how does NIA address them in its programs?
A: We are operating in a world full of uncertainties. The climate, the environment, the risks, the technology- uncertainty and volatility can be seen everywhere. In such a scenario, it is challenging for any industry to keep pace with the swift changes. However, National Insurance Academy is able to stride with such challenges because of the strong industry connect, Alumni base, and the unique blend of faculty mix. NIA has faculty members from academics who are subject matter experts, and experts from the industry who add practical experience and knowledge to the learning of the learners. Additionally, the classroom teachings are research based which makes the learning contemporary and authentic.
Q: How does NIA ensure that its curriculum remains relevant to the evolving needs of the insurance industry?
A: National Insurance Academy has robust Alumni base, who are placed across the insurance industry at prominent leadership positions, both in India and abroad. The PGDM course curriculum is discussed with them from time to time and is updated as per the industry requirements. The curriculum is also discussed with other industry experts to ensure it is updated and relevant.
Q: How does NIA prepare students for the increasing role of technology and digitization in the insurance industry?
A: The role of technology and digitization has always been emphasized upon by the Academy- to both MDP participants and PGDM students. Case studies and practical exposure through industry visit help students to gain insights about the changing insurance landscape and disruptions due to technology and digitization. Expert IT faculty members train the students not just theoretically, but by engaging them into LIVE IT projects. The students also gain exposure via summer internship in various InsurTech companies.
Q: How does NIA contribute to insurance research, and what recent innovations or research projects have originated from the institution?
A: Apart from imparting education and training, a pertinent pillar of the Academy is Research and Consultancy. The faculty members and students get together into rigorous research work and frequently bring out interesting findings which are of relevance to the industry and country. National Insurance Academy has recently released a report on “Enhancing Insurance Inclusivity and Bridging the Protection Gap” at the hands of IRDAI Chairperson, Shri Debashish Panda, and a book on “Getting Started with Insurance: A Beginner’s Handbook” at the hands of LIC Chairperson, Shri Siddhartha Mohanty. Few other research projects and reports that have come out recently are- “Value Creation for Stakeholders: An Empirical Study” and “Examining Penetration of Insurance in Micro and Small Enterprises (MSEs) Financed by Micro Finance Institutions”. Besides, we also conduct lot of company specific research. Research is a actually a way of life at NIA.
Q: How does NIA ensure that students gain practical insights through internships and industry exposure?
A: Before the students join the industry, they are given practical exposure to the industry functioning by way of Summer Internships and On-the-Job training. It is not just a random topic/area that the student gets to work on during the Summer Internship, but the project topic is thoroughly discussed, and at least 2 mentors are assigned to each student- one from the organization where the student undertakes Summer Internship, and a faculty mentor from the Academy. Students are thoroughly guided during the entire 2 month internship period, and their learnings are put to test when they give presentation to the senior officials in the organization and to the faculty team at the Academy.
Q: How does NIA support students in their career placement within the insurance sector? How has been your placement percentage over the last few years?
A: National Insurance Academy focusses not only on final placement of the students, but overall development of the students which turns them into insurance professionals, and hence, they are demanded hugely by the industry, not just in India but also abroad. Our Alumni are placed at prominent leadership positions internationally.
In addition to the theoretical knowledge that students gain during the two-year PGDM course, we develop our students by imparting practical knowledge to them through Summer Internships, and On-the-Job Trainings. They also work on various projects rigorously which gives them deeper insights about the changes and updates in the insurance industry. Additionally, the interactive sessions with experts from the industry and Alumni adds to their knowledge and exposure.
Since the inception of PGDM course at National Insurance Academy in 2004, we have had a track record of 100% placement. Companies from Life insurance, General insurance, Standalone Health, Brokers, IT, InsurTech, Consulting and Reinsurance domain visit the Academy for recruiting our talented students.
Q: How does NIA foster an environment of continuous learning and innovation among its faculty and students?
A: Learning is a never-ending process. It must happen continuously, else you will become redundant, irrespective of whether you are a student or a faculty. To ensure that all of us keep ourselves updated with what’s happening outside, we conduct Faculty Development Programmes (FDP) regularly for our faculty members. Experts from both, academia and industry are invited to the Academy to conduct FDPs which keep us updated with the latest information and trends. Additionally, National Insurance Academy also conducts number of seminars and conferences which ensures continuous learning on the contemporary topics.
Q: Are there collaborations with international institutions or exchange programs that broaden the educational experience for NIA students?
A: National Insurance Academy has always believed in imparting the best knowledge and information to both- the PGDM students as well as the MDP participants. In quest for that, we have entered into several collaborations with national as well as international institutions. Like, we have recently signed MoU with The Africa College of Insurance and Social Protection (ACISP), Tanzania, and International Financial Services Centres Authority (IFSCA)…to name a few.
Q: Is there any message or advice you would like to share with aspiring professionals entering the field of insurance?
A: Insurance is the ‘Sunrise’ industry and offers a very noble profession, where you get to serve people when they are in distress. As per the Swiss Re Sigma report, India’s overall insurance penetration in FY 2022-23 is 4%, while the world average is 6.8%. This indicates that there is huge scope for growth in the Indian insurance industry Additionally, people have become more aware about the importance of insurance, especially after the COVID-19 pandemic.
Insurance industry also offers a lot of career opportunities for the young professionals- as an underwriting officer, claims manager, broking, agency channel, surveying and loss assessment, Insurtech professional, insurance analyst, and many more. With technology integration happening in the industry, there is no dearth, but ample opportunities are available for growth, learning and development of the aspiring professionals. So, it would not be wrong to say that if you are choosing insurance, then you are choosing the right industry!!
