Mr Tapan Singhel, managing director and CEO of Bajaj Allianz General Insurance, was re-elected as the Chairman of the Confederation of Indian Industry (CII) National Committee on Insurance, Pension and Social Security for the year 2020-21.
The CII is a non-government, not-for-profit organisation that works towards creating a conducive environment for the growth of businesses in India. It has a membership base of around 9,000 companies from various sectors, and its main objective is to promote economic development in the country.
Singhel, who has been associated with the CII for many years now, has been an active member of the National Committee on Insurance, Pension and Social Security. He was first elected as the Chairman of the committee in 2019 and during his tenure, he has played a pivotal role in driving various initiatives and programmes aimed at promoting growth and development of the Indian insurance industry.
His contribution to the industry has been phenomenal, and his re-election is a testament to his unique leadership style and vision. Under his leadership, the committee has undertaken several projects, including the introduction of new insurance products, strengthening distribution channels, and promoting financial inclusion, among others.
One of the major focus areas of the committee under Singhel's leadership has been to help increase insurance penetration in the country. Despite the tremendous growth potential of the industry, insurance penetration in India is still low compared to developed countries. Singhel has been working tirelessly to promote awareness about the importance of insurance and to remove the barriers that prevent people from availing insurance products.
In addition to this, Singhel has also been actively involved in promoting social security schemes and pension plans in India. The CII National Committee on Insurance, Pension and Social Security has been working towards helping Indian companies provide social security benefits to their employees and promoting the concept of saving for retirement.
Close attention has been paid to innovation under Singhel’s leadership, and the committee has also been working to promote the concept of InsurTech (insurance technology) in India. The insurance industry is going through a digital transformation, and CII is ensuring that Indian insurers are well-equipped to handle this change.
The re-election of Tapan Singhel as the Chairman of the CII National Committee on Insurance, Pension and Social Security is a significant milestone for the Indian insurance industry. It is a testament to his exceptional leadership qualities and vision, and we can expect the industry to continue to grow and prosper under his guidance.
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