cpcu society - india chapter newsletter

CPCU India Chapter | Insurance & India | July 2014

Volume 1 | Number 1 | July

Insurance & India

Foreword

Shrirang Samant

Shrirang is currently Country Head & Chief Representa-tive – India, of Trav-elers Companies Inc., USA. He was Lloyds’ General Representative for India and Regional Director, South Asia, Middle East and Africa in his previous role.

He was the past president of India CPCU Chapter

CPCU India Chapter story is some-what unusual in as much it is perhaps a rare example of some dedicated designees coming together to make it happen.

The prime mover was Elaine George from US who connected with RK (Radhakrishan Mahalingam to those who still don’t know him). I was somehow roped in and found myself being swept into the tide given the unbridled enthusiasm of Elaine and unflagging determination of RK.

As we went along, more and more designees and registered students joined the movement – yes, one can honestly describe this as movement given the procedural and financial challenges that the formation of the chapter encountered.

I still remember the meeting organ-ised by our friends in Bangalore on 23 June 2012 when a number of CPCU enthusiasts gathered to wel-come me and Milind Joshi from Mumbai. By then the mantle of Chapter president was thrust on me and Milind had become President Elect -

a somewhat puzzling situation for both of us since the formal incorporation of chapter was still some time away.

Nevertheless, the core leadership came togeth-er, RK assumed the role of treasurer and in-deed financed some of the initial activities and then we had Rajneesh agreeing to take on the demanding role of Secretary of the Chapter.

The India Chapter is possibly the only chapter as far as I know where most of the members are not practitioners working in the P&C indus-try but in support services – a big salute to them for having accomplished this designation without a domain background.

I feel honoured to have been associated with this unique enterprise and am confident that with the enthusiastic participation of members like Sameer, Ramya, Jitendra and Laxmi the Chapter will attain its full potential in the times to come.

I shall be failing in my duty if I do not mention the unstinted support that Steve McElhiney, Saul Swartout and others in the US lent to this endeavour.

What’s in This Issue

CPCU India Chapter Has Historic Meeting

CSIA Programme—An Inside Look

Rendezvous with Arun Kumar

Interview with Industry Leader

CPCU Europe - Ten years gala

CPCU Personality—Mohammad Ishaque Khan, Pakistan

Current Chapter Leaders

2

5

8

10

12

15

16



The CPCU India Chapter had a very successful meeting on 2nd December, 2013. The event was hosted by Modi Academic Institute at their campus in South Delhi. More than 25 CPCUs, CPCU students and other insurance professionals were in attendance. The meeting was joined by a very special guest, Mr. Saul Swartout, Sr. Vice President at the Institutes. Saul made a formal presentation of an India Chapter banner that he brought from the U.S. History was made as he gave the banner to Shrirang Samant, Rajneesh Upreti, Sameer Mahajan and Jitendra Kumar, the India Chapter officers. Addressing the profes-sionals present at the event, Saul shared with the team how small contributions from each CPCU can create huge impact and increase the number of CPCU students and designees in India. He congratulated the team for a well-organized event and wanted the India Chapter to be a role model for chapters across the globe. Shrirang Samant, our India Chapter leader and the guiding force, thanked the Society and the International Insurance In-terest Group for their support to India’s CPCUs. He also told the CPCU team how grateful he was for their hard work. Shrirang also shared some of the achievements of the India chapter and also our expectations from the Society.



The meeting also included an address from Mr. Phil Lundberg, the Director of Modi Institute. In his remarks, Phil shared the broader vision of Modi Institute and the journey they have covered so far. He also sought help from the CPCU’s pre-sent at the event to help the institute in the areas of Insurance domain. Also present in the meeting was Mr. Tarun Kapoor , Vice President at Marsh India. Tarun shared some interesting insights on the role the India chapter can play and why the industry needs more people who are certified in international insur-ance education. The meeting was also attended by Mr. Rohtash Sharma, secretary of the Delhi Insurance Institute, Mr. Subodh Sharma, Council member of the institute and Mr. Prabodh Kamal, who is Institute’s past Secretary. There was an interesting Q&A session at the end of the meeting and some thought-provoking questions were raised by the participants. Shrirang, Saul and Tarun did a great job fielding those questions. The meeting ended with a vote of thanks by Sameer Mahajan who leads New Designee Chair in the CPCU India Chapter and was followed by high tea. India Chapter is highly thankful to all the guests, speakers and the attendees. Special thanks to Modi Institute for hosting the event. Its staff did a wonderful job in organizing the event as well as handling its logistics. CPCU India Chapter leaders look forward to working closely with the institute to spread professionalism and to increase opportunities for people seek-ing insurance education.


An Inside Look

CPCU Society International Ambassador (CSIA) Program

This year's winning applicant will receive:

Complimentary registra-

tion to the 2014 Annual

Meeting in Anaheim,

California, from

September 20 through 23

Reimbursement for up to

$4,000 of travel expenses

Acknowledgment at the

2014 Annual Meeting

National recognition

To demonstrate a commitment to expanding internationally, each year the CPCU Society awards under its International Ambassador program a scholarship to a member residing and working outside North America. The winning applicant receives a complimentary registration to the upcoming CPCU Socie-ty Annual Meeting and will be reimbursed up to $4,000 for travel, lodging, and other nec-essary and reasonable expenses. Upon returning from the event, the International Ambas-sador must conduct three “Connections” visits and write an article for his or her local chapter or interest group highlighting the experience. To be eligible for the scholarship, one must: • Reside outside the United States and Canada • Be a dues-paying member of the CPCU Society • Be unsupported financially by his or her employer for CPCU Society Annual Meeting travel expenses · Not be a chapter Officer (President, Vice President, Treasurer or Secretary) at the time of completing the application · Complete the application in its entirety. The 3iG recently sat down with Tony Cabot, one of the members of the CPCU Society In-ternational Ambassador (CSIA) committee to gain a better understanding of the program.

We are into our second year of the CSIA initiative. How is it progressing? As with any new initiative how things will progress is a bit of an enigma. When we started last year we were convinced that there would be a significant turnout for the Ambassador initiative. Will we did get a number of submissions, it was not what we expected. The great thing about the experiment was that we could learn very quickly from the response or lack thereof. We made only a few changes for this year’s edition and increased the number of submission 6 fold. There is still room to refine the process, the promotion of the CSIA but we are ecstatic about this year’s candidates. It was difficult to find a winner because there were so many quality submissions.


An Inside Look


What does it take to qualify for the program? The basic requirements are to be a dues paying member, reside outside the USA, not be financially supported by your em-ployer to attend the annual meeting and not be a chapter officer (President, Vice-President, Treasurer or Secretary) to sub-mit the application, but it is also important to remember that the person should be active in their local chapter. If there is not a local chapter then we would expect to see some articles written for the local industry, participation at local or region-al conferences where they would have a chance to promote the CPCU designation. Finally we are looking for people that enjoy being CPCU’ers. This is a subjective qualification but this year’s group of candidates showed us that they have gone the extra step to support the CPCU designation in their location.

Help us understand why you will not consider chapter officers. We are not currently considering Chapter Officers because most Chapters provide some financial support to attend the An-nual Meeting and Seminars. We want to help those that do not have the same financial support (Chapter or Employer). For some of the new International Chapter’s even supporting the Chapter Officers would be a great benefit so we are looking at this opportunity for future editions of the CSIA program. It is about helping the growing number of international chapters and their members become a bigger part of the CPCU Society and help the CPCU Society embrace and understand the changing world in which its members are living and working.

What could applicants do better to make sure their application is considered? Believe it or not- they must complete the application to be considered. Incomplete applications are considered invalid. Each applicant should make sure that the application for candidacy is completed in its entirety. Additionally it is about bringing out the passion for the CPCU designation and what it represents. Each candidate should highlight how the designa-tion has influenced their approach to the insurance industry and their position in the industry. This can be a difficult thing to do when the majority of our candidates have English as a second language, but so far we have been immensely im-pressed with their ability to bring these feelings out. We will do more to help our candidates express their views. Perhaps we can allow for certain questions to be answered in their native language and English. It will be up to the judges to inter-view the candidates to get under the surface a little more. We will work to formulate an application that does a better job of accommodated the language and cultural differences of our International CPCU’ers.

If an applicant was not selected, can they still get involved in the society? Yes, as with any volunteer organization it is up to the CPCU Society and the Institutes to invite all CPCU’ers in. Our candi-dates are engaged and ready to participate. We need to remember that many of our colleagues are shy, a long way away and have some reservations about their language skills. It is up to us to find the best way to keep them involved once they have achieved their designation and make sure that there is a role for them. The CSIA program will help us to learn and un-derstand what are the ways we must adapt to our International colleagues, their markets, their countries and their culture. It is a two way street that the Society and the Institutes must be willing to share.

Why is the 3iG involved in this initiative? What’s in a name. 3IG or the International Insurance Interest Group. As John Lennon said: “I am he as you are he as you are me and we are all together.” 3iG was and is always searching for the ways to build the bridge between the US and the In-ternational Chapters. Anthony Fienberg, an American in Paris, knows the feeling of being distant from the source and what needs to be done to feel more a part of a foreign based entity. He brought this experience to the table by creating the premise for the CSIA program.

Who are the judges? The judges are a group of insurance industry executives that are focused on international issues or are working outside of the United States. It is a combination of volunteer leaders and society staff. We purposely sought out people that had in-ternational experience but also understand the US culture. It is an interesting mix and we were lucky to find these passion-ate people in the Society. Since the 3iG is heavily involved in the promotion of the program, to avoid a conflict of interest, the 3iG Chair is not a judge.


An Inside Look


What can the recipient expect from the society? A warm welcome, inclusion and an open mind. The recipient will be met at the airport and accompanies throughout the Annual meeting and Seminars in order to get the most out of the experience but more importantly to build his/her net-work. The 3iG members take the responsibility to make certain that the recipient is introduced and hosted. The only real expectation of the candidate is to make friends. The common interest is there but it can be intimidating to come to anoth-er country and be alone among the crowd. The 3iG will help the recipient find their way and support the networking pro-cess. From there we are extremely confident that the recipient will be energized by what the CPCU Society offers as one of the most important professional organizations in the insurance industry. What have you learnt by participating in this program? For me the key takeaway is that we are not alone. Although I have lived outside the US for over 25 years now the CPCU Society has been an important connection for me. The Society is slowly but surely embracing the theme of internationaliza-tion or globalization. I have always enjoyed marking my calendar with the dates of the Annual Meeting and Seminars. I have been one of the lucky ones. My employers have almost always supported my participation as long as I was partici-pating. That is to say active membership, showing my employer the benefits of the Society, using the network that has been created over the last 20 years and sharing what I have learned by participating is a virtuous circle. The CSIA is another element is making these benefits even more evident. I have learned that it is about sharing the passion, the passion to learn, to be the best professional I can be and to play it forward as much as possible.

For more information on the CSIA program, please visit cpcusociety.org/international-ambassador-program.

Contact information about the 3iG can be found at cpcusociety.org/interest-groups/international-insurance/leadership

http://www.cpcusociety.org/international-ambassador-program

http://www.cpcusociety.org/interest-groups/international-insurance/leadership


Rendezvous with Arun Kumar—2013 | International Ambassador winner

Give us a bit of background about yourself.

I was born and brought up in Bangalore, India. After completing my Bachelors in Mechani-cal Engineering, I joined the insurance industry, which had just then witnessed liberaliza-tion. I started my career as a Risk Engineer with Tata AIG General Insurance at Chennai. I then worked as an Executive Underwriter in their Major Property and Energy vertical. I later joined IFFCO Tokio General Insurance as an Assistant Manager in Commercial Lines at Bangalore. My knowledge of insurance before I joined the industry was almost non-existent. The de-cision to join insurance was born more out of practical necessity than out of passion. For someone who ventured into the world of insurance despite apprehensions about its fu-ture prospects, I believe I have made the best use of the opportunity that came my way. Right from the first day of my first job, every single person that I have interacted with has contributed in one way or another to my growth as an insurance professional. I owe most of what I know about insurance to one Mr K Kannan, who was my boss and mentor at my first job. Another key contributor to my growth, personal and professional, is Mr Rama Warrier, who was my mentor, philosopher, and guide in my role as a strategy consultant. However, I believe I inherited the most important trait for an insurance professional, per-sonal integrity, from my parents who demonstrated it unconditionally in their respective professions, journalism and healthcare. In what ways are you currently involved in the CPCU Society? I was a participant during the early stages of the setting up of the India Chapter. While my extensive travel over the last 24 months has exposed me to the inner workings of insur-ance organizations across different continents, it has restricted me from participating as much as I would like to in my local chapter. However, I made a conscious decision after my return to India earlier this year to step-up my contribution to the Society activities. The first step I took towards that objective was to register for the International Ambassador initiative. I believe the development over the last few days bodes well for my future con-tribution to the CPCU Society.

In what general insurance or risk management (non-CPCU) activities are you currently involved that promote professionalism within the industry? I am actively involved in promoting professional development in three different ways. One, my primary firm development responsibility is to work with Corporate Finance in effectively managing my organization’s risk portfolio. Given the size and spread of my or-ganization (head count 150,000+ and assets spread across multiple geographies), the an-nual insurance renewal exercise is understandably an elaborate one. I take a break from client assignments during this time of the year to spearhead this activity, which comprises extensive interactions with participating insurers in the Indian market, surveyors, brokers, and several internal stakeholders. The Indian P&C market is still trying to find a foothold in a rapidly evolving, dynamic market place rendered so following

Arun Kumar

Arun was born and brought up in Bangalore, India. After completing his Bachelors in Mechanical Engineering, he joined the insurance indus-try, which had just then wit-

nessed liberalization.



the de-tariffing in 2007. As a result, this is one of the most professionally enriching times of the year. Secondly, as a subject matter expert, I get the opportunity to teach and groom young software engineers deputed to cli-ent sites, on the nuances of insurance. Depending on the geography of the client, I provide them insurance training and guide them on how to optimize their performance while working for an insurance client. Last but not the least, thanks to my primary role as a management consultant, I get to work closely with insurance com-panies across the globe. Over the last 6 years with my current employer, I got the opportunity to work with every depart-ment of an insurance company; something I did not have the privilege or the opportunity to experience during my 4.5 years as an underwriter in the insurance industry. What qualities do you think would make a good international ambassador for the CPCU Society? I firmly believe that the core asset of any professional is credibility. The best way to attain credibility is through consistent demonstration of competence in one’s chosen field. Its significance in insurance increases many fold given its inherent depth and scope, which quite honestly, no one individual can claim to have mastered in its entirety. It is this aspect of insurance that lends an element of mystery and unpredictability, the prospect of having to unravel, through dialogue, through academic studies, or to simply go out there and experience first-hand; and after having done it, to find as much excitement in sharing the experience. Pursuing credibility in insurance and having faith in its importance for the insurance community and the larger society are attributes that go hand in hand with CPCU Society’s objective of promoting insurance professionalism beyond barriers. This, in my opinion, would constitute the mental make-up of a good international ambassador. After returning from the meeting in New Orleans, what are your plans to promote the CPCU designation in India? I do not believe that I have to make any fundamental changes to my approach to promoting CPCU from what I have been practicing all along. However, the new avenues that will open up to me after my selection as an International Ambassa-dor of CPCU, will bring forth opportunities to expand the reach of the message of CPCU to a much larger audience. The choice of the right tool to spread the message of CPCU will assume utmost importance. Thought leadership and the pow-er of Social Media will continue to further our cause. However, I would place maximum emphasis on strategic partner-ships with the local insurance institute and other institutes involved in insurance education as our primary focus areas for promoting CPCU in India.

What were some of the obstacles you faced in earning the CPCU designation and how can the active CPCUs in India, including yourself, assist in overcoming some of these barriers? There are two aspects to the obstacles that one faces with respect to earning the CPCU designation in India. These two lines can summarize them: “why should I do it?” and “how do I afford it?” More often than not, the answer to the first question offers a partial resolution to the second, in that candidates once convinced about the merits of pursuing CPCU, help their employers see the potential benefits in investing in it. If that does not succeed, candidates explore options for self-funding. However, it is the first question that begs more investment and innovation on our part – the Society and the active CPCUs in India. As mentioned earlier, strategic partnerships with local names synonymous with insurance edu-cation holds the key.

How is the CPCU designation viewed in India? A CPCU designation evokes admiration among those who are familiar with it and are convinced about its merits, and curi-osity among those who are not as well informed about it. Nevertheless, eventually it reinforces itself, or creates aware-ness. Ironically, the insurance sector seems to be slower in catching up to it as compared to other sectors such as IT, which by virtue of their presence in the North American market, are more familiar with it.



Do you think employers in India see the value in getting involved in the CPCU society after earning the designation? Employers think highly about associating themselves with an organization such as CPCU and getting involved in it after earning the designation. It is definitely seen as a key differentiator, and something that lends them an edge over compe-tition. What skill sets are employers seeking in India and how can the CPCU Society assist with providing these skill sets? Competence in insurance, knowledge of the US insurance market and operations, and a strong grounding in insurance professionalism and ethics are desirable attributes that employers look for in their employees or prospective employees. As these values form the core essence and offering of CPCU education, the Society is best placed to fulfill these needs of the employers in India. How important are the fundamental values of being involved in the society, that is networking opportunities, mentor-ing (giving back), & developing leadership skills important to professionals in India? The world has shrunk remarkably in the last decade, and it would be unfortunate not to take advantage of the opportuni-ties it presents. With the opening up of the market in India, we have witnessed global insurance giants making their pres-ence felt. Each one has brought in its own unique perspective and philosophy, which are seen to be complementing the vision of its local partner. While it may be a little too early to gauge the extent of success of partnerships such as this in the context of the overall growth of the market, one entity that is already a certified success story is the Indian insurance professional. While the fundamental values of being associated with the Society are valuable to insurance professionals in any corner of the world, they present an additional opportunity to Indian insurance professionals to accelerate their growth exponentially.



Vishal Jain

Vishal has an BE in Electri-cal Engineering from BITS Pilani, an MBA from Yale University. He was based in the US for 15 years dur-ing which he worked as a global management con-sultant for several firms including McKinsey & Company and Bridge Strat-egy Group.

He is the Global Chief Ser-vice Officer at Arthur J. Gallagher & Co.

He has actively been work-ing on urban issues such as planning, governance and solid waste for the last 10 years.

How did you get started in insurance?

I was a management consultant for 15 years in the US during which I worked for numer-

ous companies across a variety of industries. Arthur J Gallagher was one of my clients and

after I did a couple of projects for them, they asked me if I would be interested in starting

up and running their India Service Center and I jumped at the opportunity. That's how I

got in to insurance.

How did you learn about the CPCU designation and get involved with the CPCU Society

India Chapter activities?

When we started the Gallagher Service Center in India, we were providing important but

relatively simple services to our colleagues at AJG in the US. I realized in the early days of

setting up the India Service Center, that if we wanted to provide more complex services,

which could in turn fuel our growth and provide our people with exciting career opportu-

nities, then we needed to move up our staff up the technical knowledge curve. That led

us to working with the Institutes and encouraging our staff to pursue certifications. After

a few years of this, we set our sights on having some of our seasoned staff obtain the

CPCU designation because we knew it would further increase the credibility – and create

new opportunities – for the India Service Center. In fact is was our pilot group of 5 staff

that were pursuing their CPCUs who suggested we get involved with the CPCU Society In-

dia Chapter for the learning and networking opportunities it could provide. And once I

learnt more about the CPCU Society and its mission I readily agreed.

We often hear that people are an organization’s greatest asset. What role do you see

corporations in India contributing to the professional development of their people?

Majority of the people joining us come fresh out of college/universities with basic skills

and competencies. We live in a knowledge driven world; companies will need to invest in

their employees on getting them the desired skill and knowledge. Historically companies

in India have done on the job training, but now it needs to change. We need to encourage

them to do Certifications, part time courses & studies from Universities.

Do you think the CPCU Society India Chapter can play a role in helping insurance organi-

zations in India promote education, networking opportunities, and leadership develop-

ment? If yes, how?

Yes! The biggest role I see is promoting more people to take up CPCU & mentoring those

interested. Networking with other professionals will definitely help individuals to keep

their knowledge fresh and up to speed. As of current most of the companies may not be in

a position to sustain the knowledge gained by CPCU’s and put in to practice therefore indi-

viduals can retain what they have learnt by exchanging notes, etc. through networking



The India chapter is in its infancy stages and as such is very open to suggestions on how it can better serve the insurance

industry in India. Do you have any suggestions for the chapter?

My recommendation to them would be to encourage and motivate all interested individuals to take up different designa-

tions and certifications offered by The Institute’s and keep their knowledge up to date.

What are some of the most important qualities that a business leader should possess and why?

I think 3 most important qualities are:-

i. The ability to communicate – understand where the organization is heading and its long term vision. People need to

align themselves in the same context and move ahead.

ii. The ability to motivate – allows leaders to inspire individuals to perform over and above their capabilities.

iii. The ability to make sound decisions.

We have been working closely with your staff in developing the chapter and can tell that they have the greatest admira-

tion for you and your leadership abilities. What motivates you to show up to work every day to be such an inspiring

leader?

When we started 8years from now, had the vision to be not the biggest but the best employer in the industry. What ex-

cites me and keeps me passionate about my work is the challenge of building the best company in the insurance domain in

India. Best in terms of services we provide, the value we deliver, the people we have and the opportunities we have and

continue to provide for growth and development for our staff. As an example with a modest size of 2000 staff currently in

India, we have 6 CPCU’s and around 50 other designation holders in the company.

We understand that you are sending four employees to the CPCU 2014 annual meeting in Anaheim, California. Thank

you very much for your generous support. We strongly believe that all CPCUs (and CPCU students or any other profes-

sional) who attend the annual meeting gain a lot of technical knowledge, in addition to soft skills such as leadership de-

velopment, and the importance of teamwork, and morale building. In addition, your employees presence in Anaheim

will increase the awareness of the India Chapter, so we are selfishly excited that they are attending the meeting! Why

did you decide to send your employees to the meeting and what do you hope they will learn at the meeting?

Recognize their hard work, at the same time give a strong message to other employees and build networking.



Where do you see the insurance marketplace in India heading? Will it continue to expand, further propelling India as a

leader in the global business world?

I would list those under 5 categories:-

I. All around Growth definitely

II. Increasingly competitive with other nations

III. Less of generalists, more of specialists companies will exist in the market

IV. Sophisticated products getting launched

V. Technical skills and knowledge will become pivotal to be an integral part of the industry

And, in closing, what are you hobbies? What do you do when you are not thinking about insurance?

Challenges of rapid urbanization that India is going through and how to make our cities more livable. I work with several

NGO’s as well as local, state and central governments on helping improve our cities.


CPCU Europe - Ten Years Gala

Evolution of the insurance industry during the last ten years

Pierre Fonteyne

Born in 1946 studied busi-

ness administration at

Brussels University and

completed later the CPCU

program.

He started his career in

brokerage with Henrijean,

which became Marsh Bel-

gium. Later he worked

with Zurich Belgium as

senior liability underwriter

specialized in international

business. He finished his

career as liability manager

of AGCS (Allianz Global

Corporate and Specialty)

Belgium. He still teaches

commercial liability at the

training center of the Fed-

eration of Belgian Insurers.

Pierre is currently treasur-

er of the CPCU European

Chapter.

On May 10 2013, to celebrate the tenth anniversary of its creation, the CPCU’s European

Chapter organized a gala conference at Lloyds Old Library in London.

Several invitees discussed the evolution of insurance in the last ten years.

A panel consisting of distinguished speakers gathered. Members of the panel were the

following professionals: Carl Bach III, Head of NavPro Europe (NAVIGATORS INSURANCE),

Judith Fumero, Liability Claims Manager (ARGO INTERNATIONAL), Christopher Lajtha, Prin-

cipal (ADAGEO), Suzanne Cocco Midlige, Partner (COUGHLIN DUFFY LLP), Stuart Willough-

by, Global Head of Claims & Commutations (SCOR), Clive O‘Connell, (Moderator), Partner

(GOLDBERG SEGALLA, London).

9-11-2001 is a key event of the decennia coinciding with the existence of the chapter.

The 9-11 attack in NY created a shock that hit the whole insurance market. Practically all

lines of business have been concerned: workers compensation, property, aviation. Only

business interruption was not so much implied. It had definite consequences on the insur-

ance industry. In addition, other factors influenced the present state of the insurance mar-

kets.

Litigation:

Intense litigation resulted of the catastrophe and is still active today. A great number of

litigation took place as a consequence of 9-11. There are still today litigations running, in-

cluding subrogation claims by insurers.

Contract certainty:

Contract certainty has been influenced by 9-11. A huge number of claims demonstrated

the incomplete and imprecise description of coverage provided under insurance policies

and binding documents. The role of the actors in the chain producing insurance, under-

writers, brokers, clients, has been criticized for their sometimes amateurish way to handle

coverages.

Contract negotiation: To improve the quality of insurance services, it has been suggested

that the presence of claims managers, at meetings preparing coverage to be afforded, was

a must. Very rarely were claims handling procedures defined, even more rarely spelled out

in a satisfactory and clear way. Legal opinions were practically never asked. The practice of

the US insurers to separate claims handling and underwriting was an obstacle to a clear

and efficient design of insurance coverage, implying all concerned: client, broker, under-

writers, claims people, risk engineering specialists. The diversity of competence required is

very often an obstacle to adequate insurance design and implementation. A risk manager

insisted on getting more readable and understandable insurance contracts.


CPCU Europe - Ten Years Gala

Evolution of the insurance industry during the last ten years

Compliance:

The new trend to enforce compliance with sets of compulsory rules like solvency II might also be somewhat counter-

productive.

Thrive to protect, in the end of the day, consumers, might cost them money. Consumers pay for more stringent controls

that result in less initiative and less creativity on the part of brokers and underwriters. Indeed, the need to stick to compli-

ance rules can paralyze initiatives from insurance professionals.

Capitalism without bankruptcy is like Christianity without hell, said a participant. The fear of potential losses, albeit under-

standable, should not lead to paralyzing protective rules.

Globalization:

Another trend is the development of mature insurance markets in emerging countries. BRIC countries, centers like Dubai

and Singapore have both money and talents available to offer important capacities. They do not need anymore, or to a

lesser extent, the assistance of markets like Lloyds and reinsurers that precisely provided such capacity and know how.

Such trend, also observable in other industries, is a consequence of globalization. Still obstacles such as corruption and un-

stable political environment make redistribution of roles in international insurance and reinsurance less effective than one

would expect, but the trend is there and will develop further in the coming years.

Conclusion:

This exchange of thoughts certainly could not exhaust the subject, but suggested interesting insights for the understanding

of the factors influencing the evolution of the insurance world in the next decennia. It reflected the constant preoccupa-

tion of the CPCU European Chapter to foster adequate insurance education in line with most recent market developments

and needs of insurance buyers.


CPCU Personality—Mohammad Ishaque Khan, Pakistan

Mohammad Ishaque Khan

Gained CPCU in 1971. He is an inspiration for all the CPCU, from a country where insurance is not a popular term and at time of non information age.

Mohammad Ishaque Khan obtained his CPCU designation in 1971 after obtaining CLU in 1965. Prior to CLU he obtained Associateship of UK's Chartered Insurance Institute in 1953 - completing with 'greatest merit' followed by obtaining Fellowship (FCII).

Later he did MSFS, MSM, ChFC and also obtained Membership of Chartered Institute of Arbitrators of UK (MCI Arb).

Retiring after 50 years of active insurance career as CEO of a Saudi Arabian Co. in 2001, he remained their as an Advisor for ten years and is still continuing as Honorary Consultant with Saudi Group.

In Lahore, he was Adjunct Professor in Punjab University College of Banking and Finance for BBA (Hons) and MBA (Insurance & Risk Management) and also a member of their Board of Studies.

Currently he is a Director of an International Public School (Choueifat) and Chairman of a Lions Club charity hospital. He is also an active member in Lahore Insurance Institute's ed-ucational activities.

Before entering in insurance industry in 1951, he had served in British Indian Army during world war II. He is in a reasonably good health at the age of 87 years and has a second living wife and large number of children, grand children and great grand children.


CPCU India Chapter Leaders

Sumit Sah CPCU, AIC, AINS, AIS, ACS, ITP

Sumit is the current President of the CPCU India Chapter. He

is the Manager of training for Gallagher Service Centre, India

where his responsibilities include managing the Learning

and Developmental activities at GSC offices. He also works

closely with The Institutes on numerous knowledge initia-

tives. He has more than 13years of experience in Life,

Health, Annuities, Property and Casualty Insurance for US

and UK markets. Prior to that he was an active Sailor and

Mountaineer.

Dinesh Kumar CPCU, CAPM, CSBA ,FIII, INS

Dinesh is a Lead Business Analyst at CSC in India. He is the

Vice-President chair of the India chapter. He achieved the

prestigious CPCU designation in 2006. He has got rich expe-

rience of 17 years in Property and Casualty Insurance Indus-

try with exposure to US and Indian market.

President

Vice President

Education

Punitha Geetha CPCU, AINS

Punitha is a Process Manager with Gallagher Service Cen-

ter, India. She is a graduate in Computer Science & Engi-

neering and has been in the insurance industry since 2005.

She currently serves as the Education Chair for the CPCU

India Chapter.

Nandini Kotian CPCU, AINS

Nandini is a Senior Team Lead with Gallagher Service Cen-

ter, India. She is a graduate in Bachelor of Business Manage-

ment and has got 7+ years of experience in Commercial in-

surance industry and is the current Treasurer of the CPCU

India Chapter.

Treasurer

Dhananjay Deshmukh CPCU, AINS, AIS

Dhananjay earned his CPCU designation in 2013. He works

as a Team Leader at Gallagher India. He has 7+ years of ex-

perience working with Risk Placement Services which is the

United States’ largest MGA with a strong focus on Binding,

Programs, Standard Lines Aggregation and Open Brokerage

business. He completed his graduation in Computer Engi-

neering in 2006.

Secretary

Rahul Sardesai CPCU, AINS, AIS

Rahul earned his CPCU designation in 2014. He is a Lead

Trainer at Gallagher Service Center in India. He is the Mar-

keting chair of the India chapter and assists with preparing

the quarterly newsletter. He has 4 years of experience in

training Insurance and related products.

Marketing/Communications

Public Relations

Anupam Nath CPCU, AINS

Anupam is a Process Manager at Gallagher Service Centre,

India. He is one of the core people managing the Worker’s

Compensation claims division of the organization. He has

got approximately 10 years of experience in Health and

Worker’s Compensation insurance for US market. He is the

Public Relations Officer of the CPCU India Chapter.

Membership Marketing

Akshay Sharma AINS, AIS

Akshay is a Team Leader at Gallagher India. He is currently

associated with the CPCU Society’s India Chapter as Mem-

bership Marketing Chair. He has 4 years of experience

working with Risk Placement Service, Inc. one of the fast-

est growing Property and Casualty MGAs. He earned his

Bachelor’s Degree in Business Administration from Univer-

sity Of Pune (India).

cpcu society - india chapter newsletter

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