Banknet's Insurance Technology Forum 2010

India s insurance industry has been growing at 20% per annum since inception and penetration has gone up from 1.77% of GDP in 2000 to 4% in 2008. An unprecedented growth of over 200% is likely to be seen in Indian insurance business by 2010-11 according to ASSOCHAM. The Chamber expects the total insurance business reaching a level of Rs.2000 billion in next 2 years from current level of Rs. 500 billion.

Competition is getting tougher by the day. The key differentiator for all insurance companies, going forward, will be a higher degree of customer satisfaction with operational efficiency.

Information Technology (IT) is critical for Customer Relationship Management, Business Intelligence and Data Mining. Technology also facilitates effective governance, risk, security and compliance initiatives. Technology is not just a catalyst to enhance business process; it has taken on the role of an innovation agent in building the business processes using best practices and creating new products.

Banknet is already providing a neutral platform for banking & IT industry through highly focused conferences, seminars and workshops for last 7 years.

Banknet has published a special publication on Technology In The Insurance Sector in September 2009. It is a collection of papers and case studies and cover various aspects of the use of IT in the insurance sector. This publication has got good response from the industry professionals.

Banknet Group, based on the inputs from some of the Insurance companies & industry professionals, have decided to create a platform, "Insurance Technology Forum" for people in Insurance sector to come together and share their views especially in technology area.