Insurance & Risk Management

Introduction

With the objective of addressing common issues facing Life and Non-Life Insurance industries, Bombay Chamber has merged the two committees that existed till September 2011 i.e. Life Insurance Committee and General Insurance Committee. The restructured committee has been named as “Insurance and Hospitals Committee”. This new committee will address issues concerning all stakeholders of the Insurance industry including hospitals.

The committee will consist of three verticals :
(a) General Insurance industry (comprising Non-Life Insurers, Brokers and Third Party Administrators),
(b) Life Insurance industry (comprising Life Insurers) and
(c) Hospitals (which includes Clinical Research Organizations).

Quite naturally, the committee as well as the verticals within shall have the “Corporate Customer” as an important component and stakeholder. The committee shall also look at issues facing the “common public” as “end users of insurance products and hospital services.

The committee is dedicated to provide quality advice and assured support to its members in their efforts at managing the dynamic commercial, technical and regulatory transitions. The committee provides an objective forum to its members for sharing innovative ideas on identification, assessment, mitigation, control and transfer of risk. It is our aim to foster best business practices.

Vision

Facilitate competitive environment, Encourage fair practices and Enhance reach of Insurance & Hospital services.

Mission

Over a two-year horizon, the Committee wishes to:

• Carry out a critical appraisal of the performance of insurance industry (with a special focus on personal lines of business)
• Proactively engage with Regulators in matters concerning the Insurance industry
• Enhance awareness of insurance in general and new products in particular amongst the MSMEs
• Evolve strategies to improve the trading relations between insurers and hospitals keeping the consumer in mind
• Initiate efforts at standardization of products/services in the Health insurance segment