International Research Colloquium 2021 Day-1

Dr. Ramesh Darbha, an illustrious alumnus of the 2002 batch of SCMHRD, graduated with an MBA and is currently working with Capgemini as the Vice President for the global Insurance services domain at Capgemini. SCMHRD is grateful to him for his session on the topic “The challenges in conducting research in the Insurance domain post-pandemic” in the International research colloquium.

Dr. Ramesh elucidated to students about the evolution of research in the insurance sector in terms of technology, methodology, and issues of concern. We understood that despite this complexity, the research trend is shifting from individual research contribution to a multi-nation collaborative approach between academicians and practitioners, and going forward this definitely will bring a change. We can co-relate to the statement quoted by Mr. Ramesh that ” In the pandemic-era as well as post-pandemic, India needs to have sustainable and pure research models.”

He emphasized the changes in research as well as an organizational model with the inclusion of digital experiences and we believe that these changes can pave a path for meaningful research for us and can bridge the gaps. Sir also emphasized the importance of data, data security, and how important it is to protect data. We have seen different data laws like GDPR in the EU and CCPA and COPAA in the USA for user protection, and this shows how governments are serious about the use of user data. While doing our research we need to be sure that the process followed is more secure and the privacy aspects are not compromised.

Although there are challenges, there are budding opportunities too. As stated by Dr. Ramesh, the time taken for funding the research has gone down significantly and we, the researchers must take this is as a golden opportunity to bridge all the research-oriented gaps in society.

We got insights about the evaluation of industries due to the pandemic and its anticipated V-shaped recovery sentiments. With regards to the insurance sector, we understood the big shift that happened during COVID, where claims on general insurance fell significantly but demand for health insurance, like term life insurance and health care policy, increased at the same time. When the claims started to fall, it helped the insurance companies but at the same time premium from the automobile sector, in terms of vehicle loans, started shrinking. It was a mixed bag of changes in the insurance industry as a whole. It highlighted the importance of research, and we can take away the fact that there can be a collaboration with the academic institutions for research and innovation like this.

Talking about one more example, Mr. Ramesh brought forward the relevant point of generational changes and about the pre-existing boundaries between pre-millennials and Gen X before the pandemic. We have seen, that after the outbreak of the COVID, the percentage of millennials on digital platforms has increased drastically. It meant that it allowed us to reposition our thoughts as well as businesses to offer better products and services as well as better customer interaction and experiences. If the right research has been done in these kinds of changing patterns, understanding behaviours, and changing landscapes, it will have a great impact on society as a whole.

Mr. Ramesh stated that ”The bigger challenges in research in the insurance sector are in-person interactions, addressing cross-border functioning, getting accurate on ground data and maintaining data confidentiality”. But talking about the future, we can say that digitalization, globalization, and the relevance of research will result in policies that will stay relevant and that these trends are likely to continue in the post-pandemic era as well.

Mr. Ramesh concluded that “To achieve success in the future, going forward there has to be a collaboration between academic institutes and industries and both have to align themselves with an enhanced focus on research. We have to be resilient and adaptable to the changing policies and circumstances.” We students must keep this in mind while doing our research and this will help us moving forward in the right direction.

The session was really enlightening for us, the students of SCMHRD really appreciated Dr. Ramesh for taking the time from his busy day to enlighten us with his thoughts.

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