A post graduate in Commerce, and also in Management Studies from Mumbai University, with specialization in Finance, Mr Deepak Godbole joined General Insurance corporation of India in the year 1988 as a direct recruit officer.
Mr Godbole Having worked in different departments of GIC Re in various capacities, he now looks after ITMG, Business Expansion, Intops, Motor, Marketing, Credit Rating and Vigilance Compliance.
He keeps close association with academics through visiting faculty assignments with National Insurance Academy, Pune, Insurance Institute of India, Mumbai and Universities & Business Schools of repute in the country as also with the Institute of Chartered Accountants of India (ICAO. His contributions on finance, risk management and insurance have been published in research Journals, newspapers and magazines. He has been a speaker on ‘All India Radio”, “DO National”, “Zee Business” on consumer awareness programmes. MrGodbole has also been a speaker at Risk and Insurance conferences in India & abroad.
Congratulations on assuming the Charge as Secretary General, Insurance institute of India. How do you feel being heading one of the most prominent educational institute in insurance education?
While in the field of insurance, rather, reinsurance, I was closely associated with academics through assignments with different business schools, National Insurance Academy and Insurance Institute of India. I was representing Indian insurance industry at SAARC, BRICS and such other platforms. I was also active in writing for journals, English and Marathi newspapers, participating in awareness programmes on radio and TV channels. After being part of the Indian insurance industry for more than 3 decades, I have got this opportunity to head this Institute of great importance and having a long and prestigious history.
Any specific ideas/plans in mind for the Insurance Institute of India as you take over as Secretary General? Do you think Insurance Institute of India should explore new avenues in the SAARC countries and global market to establish itself as global education provider?
Being in this field for 65 years now, Insurance Institute of India is now a reputed name in the field of insurance not only in India, but also in many other countries. Insurance Institute of India examinations and accreditation equips insurance professionals globally to ably carry out their work and responsi-bilities. Additionally, College of Insurance conducts training programmes on various subjects that keep insurance professionals updated in the respective areas of their work. However, there is no scope for complacency. I would like to introduce apart from calendar training programmes, need based and customized trainings for insurance companies and other participants of the industry.
There is a pressing need for revising and updating the examination course material in frequent intervals so as to keep in line with the fast changing external business environment. Team work is the key to success. Internal teams have been formed for implementing the change management as smoothly as possible. The institute works as per guidance and support of the Council and the Board of Education with representation from government owned insurers and associated institutes.
After doing a detailed study of individual issues, making peer comparison, understanding global best practices and benchmarks, identifying the gaps and listing out specific actions required, matters will be placed to the Board of Education for final directions. India certainly has a unique role to play in SAARC countries. The Chartered Insurance Institute (CII) had done the handholding for Insurance Institute of India in its early days of setting up. Insurance Institute of India has precisely been doing the same to the insurance industry in neighboring countries in Asia as also in Africa and the Middle East. Insurance Institute of India is committed to support these upcoming insurance markets by offering support on examinations, trainings and knowledge dissemination with a broader aim of supporting institution building and capacity as also skill set development there.
Insurance Institute of India is having more than 80 associated institutes all over India. Do you have any plans to convert these institutesintocenters of excellence for promoting insurance education as well as raise awareness about insurance?
Yes, the Institute works in a unique set up of being a `Federation of the Insurance Institutes’. Historically, we had a very large number of associated institutes spread all over the country and doing a good job of spreading insurance knowledge and awareness. Of late, however, only a few of the associated institutes seem to be active in the field. Though the active associated institutes are doing a commendable job, we wish to bring back all the other associated institutes in action. We see them as connectors between insurers and prospective buyers in the interiors of India as also as emissaries of the Institute and Insurance Industry in enlightening students on the career opportunities in Insurance and Insurance related industries.
On the role of associated institutes, one would find wealth of information and guidance in Institute’s old documents. To give an example, during the very first Annual Conference of the Federation, headed by the then President Mr. C.R.C.
Gardiner, the Council of the Federation had decided that the annual conference of the institute should be held by rotation at different important centers in India where there are Associated Institutes, the main object being to give a fillip to the local institutes, to appreciate and recognize their work, and, to encourage their members to take greater interest in the institute movement. Another suggestion related to addresses by eminent insurance and other experts and reading of technical papers. Institute is continuing on these lines to appreciate and acknowledge efforts of the active associated institutes and motivated the other non-active institutes.
In the annual conference in August 2019 at Bangalore, we conducted a seminar on Pradhan Mantri Jana AarogyaYojana, with active participation by National Health Authority, representatives of insurers, hospitals and TPAs. It was an effort in the direction to sensitize representatives of the associate institutes on the topical issue, so that, they can disseminate that information in their respective local areas through seminars and workshops on the subject with participation by colleges and universities.
The utility of any course depends on capability to generate employment. What are your efforts to propagate Insurance Institute courses and enlighten the new generation to adopt insurance as a career?
Through our efforts directly, and, through the associated institutes, we reach out to colleges and universities, and, conduct insurance awareness programmes and career counseling for graduating students. Further, to induce students to take up insurance examinations, arrangements are made with colleges and universities, (after doing detailed scrutiny of the course contents and examination system) for affording ‘concessions/ prior learning credit points’ while appearing for Insurance institute examinations, if the students have already cleared certain papers during their regular graduation studies. Thus, while making the students aware of the opportunities in insurance industry and related fields, Insurance Institute of India aims at helping the insurance and related industries by making available employable youth having basic background of risk management and the industry practices.
What are some of the specifics in the areas of examination and trainings? Apart from traditional courses are you planning to launch new courses on Cyber Security, Risk Management, ERM, or any other related area.
Insurance Institute of India sees its responsibility in different areas such as creating and updating content, conducting examinations, organising trainings on specific topics as also conducting seminars on current topics and topics of importance in near future. In the last six months, two seminars in the areas of ERM and Fraud risk management were conducted by the Institute. Apart from that the seminar on one of the hot topic- ‘Deposit Insurance’, was held recently, on 21st December 2019 and was attended by professionals representing insurers, intermediaries, banks, regulators and credit rating agency.
We are througha period of disruption. Disruptive business ideas, disruptive technologies, disruptive business models. Institutes such as ours have to play an important role in helping manage disruption and ensure continuity and growth of insurance mechanism. Talking of specifics, we are looking at organizing more customized trainings for insurance companies, regulatory authorities, intermediaries and other professionals in India and abroad. The fast changing operating environment, evolving regulations and changing technology, is disrupting not only the age old models of many operators in the insurance industry, but also, the insurance accreditation process. We are aware that Insurance Institute of India will have to work hard to revamp the ‘content development’ and ‘examination conduct’ and are continuously working towards that. We would be looking at making both exams and trainings more aligned with the market realities.
We are aware of industry’s need for trainings in the areas such asmicro insurance, bancassurance, fraud risk management, disaster risk management, solvency assessment, new accounting standards and regulations. We are ready to offer that on the strength of our in-house capabilities as also via a very firm connect with the academia and industry, from where, best of the speakers deliver lectures and guide participants of the trainings held in Mumbai and Kolkata campuses or any other suitable location. And, we are also equipped to conduct research on behalf of insurance industry participants by our own faculty in collaboration with academic institutions and Universities.
We are providing a lot of support through trainings to participants from neighboring South Asian Association for Regional Cooperation (SAARC) countries, Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) member nations as also other Asian, Middle Eastern and African countries. The same applies to the conduct of examinations there. Incidentally, conducting examinations overseas is not new for the Institute as Insurance Institute of India exams were being conducted overseas at Kuala Lumpur & Penang in Malaysia, Mauritius, Nairobi and Fiji in 1960s and 70s.
How is Institute linked with stakeholders such as Insurance industry participants, Insurance Associations, Regulatory Authorities, Intermediaries such as Surveyors, brokers, agents, web aggregators?
Apart from conducting the regular examinations, Insurance Institute of India does a good work as mandated by the regulatory authority, in India, especially, as regards conducting examinations and trainings for intermediaries. Insurance Institute of India is also working in close coordination with Insurance Regulators in SAARC countries and offering help in institutional development.
Insurance Institute of India has entered into co-operation MOUs with insurance institutes abroad. Through seminars and workshops, Institute tries to popularize the mass insurance schemes relating to Life, Health and Agriculture to the right audience. Essay writing competitions and technical paper writing competitions are also seen as a way to bring both, the insurance students and professionals with academic bend to contribute to the cause of spreading insurance awareness via a competitive route. Prize winners are awarded during the Annual Council Meetings and selected papers are published in the Journal of insurance Institute of India.
DO you have any plans to launch MBA programme in future?
There is enough space for different players in the Indian insurance education and accreditation space. There are government sponsored as also private institutions spread all over the country engaged in insurance education, some offering MBA in Insurance or MBA in Banking & Insurance. There are no immediate plans to be in the space of offering specific risk management/ insurance MBA courses. As mentioned earlier, institute offers incentives to college students in India to learn insurance and pass insurance examinations conducted by the Insurance Institute of India via availing ‘prior learning credits’ offered by the institute. A number of colleges in India teach insurance subjects in different graduation and post graduate courses, including MBA, and, the students get ‘prior learning credits’ while appearing for Insurance Institute of India examinations.
Anything that you wish to tell the readers of The Insurance Times?
I should thank Insurance Times to have given Insurance Institute of India this opportunity to reach to a large number of insurance professionals, intermediaries, students and all other readers, by way of this interview. Insurance companies, Government, Regulator, Academic institutions and organizations such as yours, all of us together are working for the same cause of enhancing insurance awareness and increasing insurance penetration.
Insurance Institute of India, as was said in the beginning, has a mandate to work in a federation or a society model and will continue its efforts of knowledge dissemination in collaborative manner through partnerships in India and abroad.
