Page 33 - Insurance Times August 2018
P. 33
BFSI PRODUCT MARKETING AND
DISTRIBUTION SUMMIT 2018
There is a changing landscape of Indian
customers where their jobs are no longer
secured, the spending pattern of the
younger generation have taken a turn
towards more spending and less savings side,
there is an emerging trend about change in
lifestyle with more emergence of diabetes
and hypertension at an early age; the
retirement benefits are to be self funded.
Such changes over the last two decades
require changes in the products to suit the
emerging needs of the customers.
Background Also need to be considering the change in
the marketing and distribution from more
This summit was organized by Inventicon Business traditional approach to online and digital
Intelligence on 4th and 5th July in Holiday Inn Hotel in mode. The present day customers require
Mumbai. I got the opportunity to Chair the summit for two more ease of operation in their execution, so the providers
days. The background of the summit was to discuss how to need to be prepared for the present day change and
fulfill the customer's need in providing financial solutions that emerging future. Digitalization is the new mantra for
meet their demand; to identify the areas of customer success.
education to enable them making right choice for their
financial needs; how to innovate products and services This change not only going to transform the Indian financial
making it useful for customers and what are the emerging market in future but this will also giving totally new risks
trends in technology that can be leveraged to enhance the that this side of world have never witnessed. So this is a very
marketing and distribution. challenging environment for the financial services players to
operate in next one or two decades. Those who will manage
About the author the digital world better with better risk management will
be the new leaders.
The summit tried to answer some of the above questions
whose details are given below
Sonjai Kumar Customer's need
CMIRM, FRMAI, PIOR, SIRM, CRICP There was almost consensus that the identification of
Ambassador in India of Institute of customer's need is one of the key requirement for the
Risk Management, London and success of financial companies especially where some of the
Joint Secretary of Risk Management areas such as insurance and mutual fund require more of a
Association of India push. Market research is one of the important tools to
The Insurance Times, August 2018 33
