Webinar on Road Safety & Insurance

Insurance Institute of India (III) conducted a webinar on Road Safety and Insurance on 17 February 2021 on the occasion of the Road Safety Month observed from 18 January to 17 February 2021. 

This webinar was an effort by Insurance Institute of India to support efforts of risk minimization and loss avoidance through joint efforts of various stake holders in the Insurance industry, Government institutions and NGOs. 

Insurance Institute of India is a pioneer in insurance education and offers internationally recognized certifications. III supports programmes for capacity building in insurance across SAARC and other emerging insurance markets. III also runs awareness programs on risk, safety and insurance in India. 

Mr. M. N. Sarma, Secretary General of the General Insurance Council set the mood of the webinar with his presentation where he spoke about the specific challenges faced by the general insurance industry due to lack of road safety and how even today, compliance to norms regarding compulsory motor insurance policies was still low. He also touched upon how the insurance mechanism helps to reduce the financial impact of road accidents on all affected. 

Mr. Saurabh Jaiswal, Sr. AVP- Legal, ICICI Lombard General Insurance Co. Ltd. spoke on how the Insurance industry is using technology in Road Crash Analysis, which helps to identify the black spots which are more prone to accidents. This analysis helps government agencies to design better infrastructure and insurers in policy designing. 

The panel that discussed various aspects of the theme, consisted of Mr. Sandhi Mukherjee, a Retd. IPS Officer of Kolkata cadre having significant experience in Road Safety, Mr. Satish Sahasrabudhe, Sr. Advisor, Road Safety for Govt. of Maharashtra and Ex. Additional Transport Commissioner, Mr.  Shyam Bhalerao, Sr. Member, Janakrosh (A citizens group working in area of Road Safety), Mr. Ranjit Gadgil, Program Director at Parisar (A civil society organization advocating Sustainable Development). The panelists discussed the diverse issues faced in implementing road safety habits, the roles played by various stake holders in implementation, solutions in other countries and the possibilities of translating them to suit Indian conditions. Prof. Archana Vaze, Asst. Professor, College of Insurance, III, who moderated the panel, informed the audience about the support being given by the Institute for the Insurance Regulatory and Development Authority’s initiatives in insurance awareness as well as III’s collaboration with the CBSE for training teachers across the country.

Mr. Deepak Godbole, Secretary General of III, in his inaugural address, stated that investing in Road Safety Education need to be understood as a matter of great importance. Mr. P N Karmakar of the College of Insurance, flagged the need for improving the country’s safety culture through education. 

By way of takeaways, this webinar was a step towards creating a better understanding of the challenges faced by various stake holders. The webinar attempted to flag multiple challenges and discuss some solutions to implement Road Safety and formulate effective collaborative action plans.