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Analytics at Work For Disaster Relief. Overview. The Gap The Potential The Ingredients The Future. The Gap. 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
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Analytics at Work For Disaster Relief
Overview • The Gap • The Potential • The Ingredients • The Future
The Gap • 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
Mission • “ 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 ”
Unique Positioning • 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
Customers • 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,
The One Credible Source IIB ‘s rationale for existence is its Credibility and as a Utility for Market ‘s Informed Decision Making process
Near term Plans ( end FY 2014) • 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
Mid Term Plans (by end FY 2016) • 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
Future Plans (by end FY2020) • Linkage of policy/ claims data with e accounts maintained by Insurance Repositories which in turn may get linked to Aadhaar