Scope of insurance penetration is huge in India

National Insurance Academy (NIA) is a premier institution in the realm of continuous professional development and executive training, education, research, and consulting services focused on insurance, pension, and risk management across India, Africa, Middle East and Southeast Asia. It has played an important role in the development of the Indian insurance industry. In an interview with Bizz Buzz, Dr Tarun Agarwal, Director of NIA, shared his insights on the industry's future growth and NIA's plans to further expand its activities.

Dr Agarwal said that the scope of insurance penetration is huge in India, and the time has come when the industry is going to grow by leaps and bounds. He said that NIA is well-positioned to capitalize on this growth, and that the academy plans to further expand its activities by offering more online and offline courses, partnering with like-minded institutions, and conducting relevant research

How NIA has played an important role in the development of the Indian insurance industry?

NIA was established in 1980 and the campus is spread over 32 acres and has always stood as a premier institution in the realm of continuous professional development and executive training, education, research, and consulting services focused on insurance, pension, and risk management across India, Africa, Middle East and Southeast Asia. It is widely recognized as a go-to resource by international businesses and organisations from over 60 nations in building and nurturing human resource capabilities, problem-solving, strategic decision making, regulation and policy design.

Our unwavering dedication to serving the industry is evident through our diverse pool of talented individuals, state-of-the-art training programs, and industry-oriented research initiatives. As a trusted partner, we offer cutting-edge solutions and insights, empowering organizations to thrive in an ever-evolving landscape.If AIIMS is for Doctors, IITs are for engineers, NIA is meant for insurance, pension, and risk management industry in the country.

What are your plans to further expand NIA’s activities?

The scope of insurance penetration is huge, and the time has come when the industry is going to grow by leaps and bounds. The enabling and progressive regulatory environment is encouraging.

The Governing Board of distinguished CEOs, industry leaders and academicians provide a real-time view of the industry and direction to innovate and address the future needs of our clients. They are all hugely experienced and are the guiding force behind its ever-growing success. The Eminent Chair Professor from life and non-life insurance space at the academy are the torch bearers and much supportive in taking the academy to greater heights.

We have been receiving requests from many developing countries to conduct online and offline courses. Some of them are keen on seeking help in setting up similar structures in their respective countries.

How do you focus on training industry professionals and conducting relevant research for the industry?

NIA trains more than 9000-10000 working professionals through its well curated executive training programs. These residential programs have been well received by industry, both nationally and internationally.

Like-minded institutions keen on taking insurance related initiatives to the masses through growing technologies (AI & ML, Blockchain etc.) along with research in the areas of cybersecurity, inclusion, social security, crop yields, risk management and allied areas are welcome to partner.

We have also inked MoUs with well-known academic institutions such as Glasgow Caledonian University UK, National Institute of Bank Management India, and Christ University, India. NIA has launched an online certification program for enterprise risk management experts as part of its established relationship with the Institute of Risk Management-UK. NIA had conducted a two-day workshop for insurance specialists (Engineers) form the Insurance industry and manufacturing industry on ‘process safety and risk management’ jointly with Centre of Excellence in Process Safety & Risk Management (body jointly set up by the Indian Institute of Technology Delhi, India, Gexcon and Nayara Energy).

What are courses you have in NIA?

One of the most noteworthy offerings of the Academy is the Post Graduate Program in Actuarial Science, taught by qualified actuaries and industry practitioners. Our programme, ‘Diploma in Marine Cargo Insurance’ has accreditation from International Union of Marine Insurance. 11 weeks online program covers practically all aspects of marine freight insurance underwriting and claims. Our Risk Management Certification course offered in collaboration with The Risk and Insurance Management Society, Inc, USA helps prepare the Risk Management professionals in the Afro-Asian region helping upgrade their knowledge and skillsets in the Risk Management space.

Academy also holds three separate online certification programmes for executives in life insurance which covers principles of underwriting in life insurance, life insurance marketing, and the bancassurance channel. In the past, on the behest of the Indian Insurance Regulator- IRDAI, NIA has conducted a series of training programs for the Non-Executive Directors on the Board of all the Life, General and Standalone Insurance companies in India on corporate governance and the technical aspect of insurance too.

The academy has been constantly working in a manner which is focused by way of research in the specific areas for deepening of both, insurance, and inclusion. While the highly experienced industry professionals bring practical and international insights to the classroom, the experts from academia complement through their knowledge of established theories and ability to generate new knowledge through cutting-edge research.

NIA faculty members have to their credit high-quality research papers. Many of them have been published in the journals like the Asia Pacific Journal of Risk and Insurance that are indexed in the Australian Business Deans Council (ABDC) Journal international Quality List.

Academy has joined hands with NISM and IIBF in launching a BFSI certification course online, the same has received an overwhelming response. Recently, we have tied up with an IT major company for catering to their insurance domain training and research requirements. Demand from corporates is on the rise for long term customised courses for their executives too.Apart from professional development and executive training, research, and consulting services focused on insurance, pension, and risk management, the academy in the education space has been building the future leaders through its PGDM program.

With a record of 100 percent placements, students of NIA in the past have secured positions across industry; nationally and internationally at respected and sought after annual packages.

Our training clients includes established names including insurance brokers. To name a few; the State Insurance Company of Mauritius and Indian companies like’ GIC Re, Life Insurance Corporation of India, Global Insurance Brokers, HDFC Ergo, Cholamandalam MS General Insurance, Aegon Life Insurance, TATA AIG General Insurance, the list is unending.

Broader landscape calls for expansion and with newer insurance companies expected to get nod from the regulators, NIA understands its responsibility towards community and will continue to work on mission ‘Har Ghar Insurance’.