National Insurance Academy


National Insurance Academy
NIA Logo
NIA Logo.

The National Insurance Academy (NIA Pune also known as NIA) is situated in Pune, India. It is a capacity builder in Insurance Sector of Asia and Africa founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry. NIA started MBA education as a lateral diversification from 2004 with Dr K C Mishra as the founder director and Dr R K Parchure as MBA Coordinator, who was soon replaced by Dr S D Totade. After the tenure of Dr K C Mishra expired in the second half of 2009, the Academy had Dr. Prathap Oburai from IIM Ahamedabad as the new Director. During his stint here, Dr. Oburai had promised the students to elevate the academy to top 10 B-Schools of India with strong international collaborations. In April 2011, Dr. Vrajlal Sapovadia [1] took over as the new Director of the Academy. [2]

Now Mr G N Bajpai is the main guiding force of the academy with professors of international repute like Dr D B Phatak actively behind him. Though by rotation Mr M Ramadoss (New India CMD) has become the Chairman of NIA Governing Board, mostly the academy is controlled by LIC because of its size and the clout of its Chairman with the deputed faculty of the academy, who are responsible for all major revenue generating operations of the academy. A main source of income of the academy is arranged by IRDA in the form of Broker's training and examination programs.

Contents

Evolution of NIA

Academic Block of NIASoM
Academic Block of NIASoM.

NIA was functioning from Mumbai until 1990 and moved to its beautiful campus at Pune in the early 1990s. The academy is now an integrated management school with training, education, publications, research, consultancy and regulatory advisory services. Life Insurance, General Insurance, Reinsurance, Health Insurance, Crop Insurance, Credit Insurance , Pensions, Actuarial Services , Insurance Investment, developing insurance institutions and leadership for succession planning and Insurance regulatory compliance are the fields covered by the academy. The earlier Director (Late Dr. PS Palande - Retd Commissioner of Pune) had already positioned NIA on the international map. Later Kailash Chandra Mishra took over as the Director of the academy from 1999 and spearheaded the academy till August 2009. He has exhibited versatility in institution building, academics, training, education, research, consulting, corporate governance, publications, public relation and social accountability. But past performance is only indicative for future excellence - the situation may undergo drastic change very soon - better or otherwise LIC and time will decide.

Conceptual Innovations

The academy has developed 7A framework for the organizational structure of insurance, 7P framework for the underwriting structure of insurance and 7E framework for the value structure of insurance. As per recent indications, the academy is likely to shift its focus from insurance technicalities and direct its focus on MBA as a complete package. The academy also does well in creating class intermediaries rather than concentrating on revenue generation by conducting broker and agent trainings and examinations. Academy has a set of rigorous academic advisors and people who are business leaders in the insurance sector.

Institutional expansion

A lecture in progress
A lecture in progress at NIASoM.

Apart from the mother institution NIA, the academy houses an MBA program NIASoM, a producer development program (NIASPD), a pension research program (NIAPRI). NIA is also the statutory examining body for insurance brokers in India as per IRDA Regulation. The Academy is home for historically famous Lloyd's Box symbolic of a Syndicate at old Lloyd's of London. The academy is now busy to redecorate its important employees residences. Currently, the institute plans to inculcate more case studies and practical work in its curriculum and the course subjects are being restructured keeping in mind that the curriculum is at par with leading institutes like Harvard Business School and Indian Institute of Management, Ahmedabad. In recent times after exit of a task-oriented director, the academy is poised for next phase of orientation. Already the students are placed in batch 2008-10 in important MNCs due to effort of the new director who landed from IIM, Ahmedabad or because of legacy of the academy built over years.

History of Lloyd's Box

Lloyd's Box is essentially a set of historical Lloyd’s Tables. The Lloyd’s Box at National Insurance Academy was Michael Payne’s box syndicate number 386. Michael Payne was a specialist Non-US liability underwriter at Lloyds. It was installed in the old Lloyds - it was unique as it was the only non-square underwriting desk in Lloyds.

While adorning 1952 Lloyd's building it was acquired in 1970 and the esteemed box became a feature of the underwriting room at Lloyds Gallery level in the early 1970s. When Lloyds moved to their new building in approximately 1987, it was purchased by Robert Porter the then Managing Director of E W Payne and installed in E W Payne's boardroom at 8 Bridge Street Sydney.

Significantly Rob Porter had brokered many pieces of Australian Liability business at that desk in the late 1970s and early 1980s; when relocated to Bridge street many good lunches were enjoyed by the mighty and powerful in insurance at it in the EW Payne board room.

"When removed from the 1952 Lloyds building the removal was overseen by the head waiter at the time who was delighted to know that it would continue service in Australia".

Rob Porter purchased the table by means of an offset brokerage deal between the QBE - E W Payne & Syndicate 386. The nominal value placed on it was AUD 25,000.

In 2006, this historical Lloyd's Box was presented to the then Director of National Insurance Academy (Dr K C Mishra) as Guru Dakshina (a teacher's dues) by the then Principal Officer of Marsh (Mr Sanjay Kedia), who is now its country head and MD. It was originally housed in National Insurance Academy Museum at Greenleaf Dome, named after the former AT&T Chairman, who popularized the concept of "Servant Leadership". Later on this monumental table was shifted to a special room named after Mr B K Shah, one of the three legendary Indians, who ever entered into Insurance Hall of Fame at Ohio, USA. The other two being Sir Joseph Arnould and Mr G S Diwan in whose names also NIA has dedicated academic spaces like a lounge and Alumnia room respectively.

NIA School of Management

NIASoM is the Management School of National Insurance Academy in Pune,India. The MBA programme is designed to reflect NIA’s Philosophy of Managerial Development i.e. to develop managerial excellence based on technical competence, proactive knowledge seeking ability, creative problem-solving approach and visionary approaches that emphasizes social upliftment through individual endeavors

The curriculum has been designed in a manner where equal importance is given to class room learning and self audit through a series of case / project based learning assignments, active participations in Curricular and Para-curricular activities, involvement in day-to-day organizational practices,intensive involvement in off-campus action research projects and exposure to unstructured problems with a view to enabling the students to manage the real life situations efficiently.

Inside the Administrative Block
Inside the Administrative Block.

It also has some unique features compared to other management schools like INLAB, PPDP, Mowgli Tables, Mini Golf Course, etc. Its students also get to interact with thousands of professionals from various industries every year as they visit the campus for various training courses, summits and seminars. Its founder was Dr K C Mishra, who was the previous director of NIASoM. In the past few years, the institute has gained exponential name and fame and has become one of India's best and most respected B-Schools. Currently the institute is looking to enter into the league of top 10 B-Schools with the help and guidance of Dr. Prathap Oburai, who has recently joined NIA SoM as the new director after he left Indian Institute of Management, Ahmedabad, where he was the Chair Professor, Marketing and coordinator of LIC's internal MBA Program. Though students get foreign placements with extremely good profiles, Dr Oburai motivates the students to accept domestic postings of better than international stature.

Vision

National Insurance Academy School of Management will build a community of learners having multidisciplinary skill sets, founded on academic and professional excellence from which all partners in the educational process emerge prepared to contribute productively, responsibly, and ethically to the industry, the country and the humanity to create a new social order. It is though debated about the acceptability and source of this vision.

Mission

To develop a stream of professionals having best in class managerial abilities and a global perspective to foster the cause of social wealth maximization by combining strong technical competencies with ethical enterprise.

Annual Events

NIASoM organises three majors events an academic year :-
1) "TATVA"- HR Summit
2) "MANTHAN"- All India Level Management Fest
3) "Insurance Summit"- One of the biggest seminar organised in Insurance sector

Apart from these events NIA SoM also organises numerous workshops and seminars which are attended by people from almost all the financial firms in India.

Placements

NIASoM
NIASoM

Since inception NIA SoM has had a 100% placement record. Most of the Insurance & Reinsurance companies, MNC Brokers, Financial firms and IT companies recruit students from NIA SoM. Even despite the current economic slowdown and a fall in recruitment, the campus placement saw all 75 students of the two-year MBA programme getting job offers from both Indian and overseas insurance majors.

Some of the leading companies who visit NIA SoM for placements are Swiss Re, GIC Re, Life Insurance Corporation of India (LIC),Wipro Technologies, ICICI Prudential, Reliance General & Life Insurance, Cognizant, IFFCO Tokio, TCS, TATA-AIG General & Life, IndusInd Bank, Unit Trust of India Mutual Funds, Birla Sun Life Insurance, Kotak Life Insurance, Star Union Dai-chi, Max Newyork Life,Sompo-Allahabad.

Among the international companies, the highest salary was offered by Dubai-based Al-Alhalia whereas among the domestic players,Cognizant offered the best pay package. Other top recruiters included GMR, Accenture, Infosys, Tata CMC, ICICI Prudential, ICICI Lombard, Future Generali, HP, Wipro, Star Union Dai-ichi, Canara HSBC Life Insurance, Aon, Willis, KM Dastur, Aegon Religare, Syntel, IBM, SBI Life and General Insurance, HDFC Ergo, Indiafirst Life Insurance, MetLife, ING Vysya, Marsh India Brokers, Bajaj General & Life Insurance.

A study, Innovate Talent Strategies: How insurance will stay ahead of looming talent shortages, was carried out by NIA last year. It had revealed that the financial sector in the country, which will need 2.8 million working professionals in the next four years, will face a huge shortfall of 1.8 million people. The study report, which was submitted to the Insurance Regulatory Development Authority (IRDA), said 60% of the shortfall would be in the insurance sector. NIA is the only institute in Asia and Africa which trains specifically for the insurance sector.

AlumNIA

The Alumni Association of the National Insurance Academy

Students of NIASoM
Students of NIASoM.

AlumNIA Council

  • ----------------- (President – AlumNIA)
  • ----------------- (Vice President - AlumNIA)
  • ------------------ (Secretary – AlumNIA)
  • ------------------ (Treasurer – AlumNIA)
  • ------------------ (External & Internal Liaison – AlumNIA)
  • ------------------ (Chapter Coordinator – AlumNIA)

The council changes every year. The current information is not available about office bearers though there are many claimants without any authenticity of their claims. Professor Archana Singh is the point of Alumni contact on behalf of Director. Director takes great interest to uplift the alumni relation. due to his persnal involvement like his juice and green coconut parties for alumni. Most alumni have promised the director to introduce student scholarships by personal contributions and they have also promised assistance in placement befitting a doubling of capitation fees at the academy. There are monthly faculty dinners and chapter outreach dinners arranged by these three faculty members and research assistant working as an inspired team..

NAAC Accreditation

The NIA Tower
The NIA Tower.

On 22 December 2007, National Assessment and Accreditation Council, an autonomous body of University Grants Commission (UGC), which is under the Ministry of HRD, Government of India assigned highest rating grade "A" for National Insurance Academy as an academic institution. As per results of accreditation cleared in 43rd Executive Committee Meeting held on 22 December 2007, National Insurance Academy has received the highest accreditation rating of NAAC which is “Grade A within cumulative grade point average range of 3.01 to 4 read as Very Good and Accredited" which is amplified as “high level of academic accomplishment as accepted of an institution" with the Academy securing 3.43 Cumulative Grade Point Average (CGPA).

Institutional environment

National Insurance Academy (NIA), is located in Pune. It was established in the year 1980 under the aegis of Ministry of Finance Government of India, LIC, GIC and the four public sector insurance companies. NIA is the jewel crafted by this one of a kind private public venture, and has been running executive development programs for the past 25 years. Recently, National Insurance Academy School of Management(NIASoM) has undergone thorough management and syllabus restructuring following international standards under the supervision of Dr. Prathap Oburai, the Director of NIA. The institute has also revamped its assessment structure from a percentage based to a CGPA based grading system.

The current director has brought Equus and AMBA accreditations for NIA much to the joy of the students and is trying for a tie up for research with many foreign universities in UK, Manila, Singapore and China. Dr Oburai is an authority on Insurance apart from being a world class marketing professor. His theories and casestudies are taught in all IIMs and many foreign universities. NIA is grateful to get him to lead this phase of activities after hectc growth of a decade during the time of last director. The current director has created high level of motivation environment by his ability for consolidation of past growth and ideas for new growth. His only problem is composition of faculty portfolio, whom he is trying to change in a subtle way.

Research

At research level NIASOM has established several instrumentalities. A journal "PRAVARTAK" is a research publication running in parallel to BIMAQUEST published by the parent institution National Insurance Academy. Dnyanajyoti Research Series (DJRS) is a research serial, which publishes occasional papers dealing with insurance and risk management. "Utkarsh" is another student publication focussing on learning issues, which students want to highlight in their own way. The PhD program revolves around Management, Insurance, Risk Management, Information Technology and Economics.

The academy conducts a nomination process to select a "C. D. Deshmukh Fellow" every year based on the excellence of past research recognized both by academia and insurance industry. Similarly for student researchers creating excellence in developing insurance laboratory project, an endowment is established by a former chairman of Life Insurance Company in early eighties known as the "A S Gupta" endowment.

In 2006, in recognition of its dedication for development of insurance laboratory, a historical Lloyd's Box was presented to the academy's director Dr K C Mishra by Marsh Brokers, which is now housed in the academy's Incubation Centre. With Dr. Prathap Oburai stepping in as the new Director the academy is undergoing rapid transition from a National Academy to a full fledged World Class Institute.

External links

Director


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