analytics at work for disaster relief. the gap the potential the ingredients the future
TRANSCRIPT
Analytics at WorkFor Disaster Relief
The Gap The Potential The Ingredients The Future
Overview
1.Gujarat Earthquake Jan 2001 Economic loss Rs.23000 crores
Relief Expenditure by State : Rs.1476.08 crores Insurance pay out Rs. 361.19 crores Total Rs. 1837.27 crores 2. Mumbai Floods July 2005 – Economic loss Rs.15000 crores
Relief Expenditure by State Rs. 1524.97 crores Insurance pay out Rs. 2971.18 crore
Total Rs. 4496.15 crores
The Gap
Relief/Indemnit
y
Disaster risk
Financing
ExposuresData
The Potential
Alternate Capital
Traditional Insurance
CapitalRisk Financing RISK
MAERIALISATION PAY OUT DIRECT BENEFIT TRANSFER
The Future
At IIB
“ To help in the efficient and effective functioning of Indian Insurance Sector
by providing information support on a Complete, Consistent and Concise manner,
to the members of the Society and to all other stakeholders associated directly or indirectly with the Insurance sector ”
Mission
IIB is in a unique position by virtue of being the only mandated body with statutory powers for collecting any info
IIB will be market neutral IIB can be ‘authentic’ IIB can be the ‘ one stop source’ IIB can be non judgmental IIB can be predictive
Unique Positioning
Insurance Industry in India- Life and Non Life
IRDA’ s internal Customers Policy Makers – the Government/s Investors Academia, Consultants , Market Research
agencies etc Global Fora like IMF,IIS,IAIS,
Customers
IIB ‘s rationale for existence is its Credibility and as a Utility for Market ‘s Informed Decision
Making process
The One Credible Source
Insurance Transactional information(IIB)
Info with IRDA ‘s Various verticals
Macro & Open Sources of info
Information Source Framework
IIB info
IRDA info
Macro Info
Process
Analytics
IdentifyCustomer
Needs
Build /Update
database
Employ Analytics
Supply Output
Regular/On Demand
Measure Feedback/
Utlity
Long Term and ever
Health Insurance data integration with TPAs, Insurers, Hospitals
National Preferred Provider Hospital Registry Life Business analysis i.r. of penetration,
demography, etc., Travel Insurance Portal for Consular offices
issuing visas Various analytics as demanded by Insurance
companies as well as regulator
Near term Plans ( end FY 2014)
Natural catastrophe Exposure mapping and Modeling for the country
Loss estimation and Final Loss figure publication for Nat cat losses
Reference Rating for Property, Motor, Health lines
Mid Term Plans (by end FY 2016)
Linkage of policy/ claims data with e accounts maintained by Insurance Repositories which in turn may get linked to Aadhaar
Future Plans (by end FY2020)