National Insurance Academy

National Insurance Academy Pune
NIA
Type	Public Education and Research Institution
Established	1980
Director	Dr. Tarun Agarwal
Postgraduates	120-PGDM
Location	Pune , Maharashtra , India
Campus	32 acres (0.13 km2)
Affiliations	Government of India
Website

Last updated April 03, 2024

The National Insurance Academy (NIA Pune also known as NIA) is situated in Pune, India. Founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and the public sector general insurance industry, NIA started MBA education as a lateral diversification in 2004 with Dr K C Mishra as the founder director and Dr R K Parchure a leading economist as an MBA Coordinator, who was replaced by Dr S D Totade. After the tenure of Dr K C Mishra, the academy had Dr. Prathap Oburai from IIM Ahmedabad as the new Director. During his stint here, Dr. Oburai had promised the students to elevate the academy to the top 10 B-Schools of India with strong international collaborations. NIA runs a PGDM course. It provides a dual specialization (Insurance + Finance/Marketing/HR/IT).

Evolution of NIA

Academic Block of NIASoM. NIASoMCampus.jpg — 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, Market research for insurance companies, 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.

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.

Institutional expansion

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.

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, United States. 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.

Placements

For the placement of 2011-13 batch all the four public sector general insurance companies came for the placement, GIC Re and AIC also came for the placement. The post offered in the public sector insurance companies were of A.O i.e.; administrative officer.

The 100% placement continues year after year.

Some of the companies who visited NIA SoM for placements are D.E. Shaw & Co., SAP Labs, HDFC Life, Accenture Services, SBI General, SBI Life, Bajaj Alliance General & Life Insurance Companies, AIR Worldwide, Infosys Limited, Cognizant Business Consulting, Swiss Re, GIC Re, Life Insurance Corporation of India (LIC), Wipro Technologies, Reliance General & Life Insurance, IFFCO Tokio General Insurance, ET Life Insurance, TCS, TATA-AIG General & Life, IndusInd Bank, Unit Trust of India Mutual Funds, Birla Sun Life Insurance, Kotak Life Insurance, IDBI Federal Life Insurance, Star Union Dai-chi, Max New York Life, Universal Sompo, GMR Group, HUL, Alliance Insurance Brokers, HCL Technologies, Tata CMC, ICICI Prudential, ICICI Lombard, Future Generali, HP, Aon, KM Dastur, Aegon Religare, Syntel, IBM, HDFC Ergo, Indiafirst Life Insurance, MetLife, ING Vysya, Marsh India Brokers, First Apex Technologies, Milliman Inc., L&T General Insurance, Raheja QBE, C2L Biz Solutions Private Limited, etc.^[1]

NAAC accreditation

The NIA Tower. NIASign.jpg — The NIA Tower.

On 22 December 2007, National Assessment and Accreditation Council, an autonomous body of University Grants Commission (UGC) 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.

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.

Related Research Articles

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NIA, Nia, or nia may refer to:

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Ameriprise Financial, Inc. is a diversified financial services company and bank holding company incorporated in Delaware and headquartered in Minneapolis, Minnesota. It provides financial planning products and services, including wealth management, asset management, insurance, annuities, and estate planning.

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<span class="mw-page-title-main">National Insurance Company</span> Central Public Sector Undertaking

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HDFC Life Insurance Company Limited is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.

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The Oriental Insurance Company Ltd. (OICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more than 2,000 active branches nationwide. It also has branches in Nepal, Kuwait, and Dubai that together yielded a Gross Premium of ₹377.70 crore (US$47 million) during the year 2022-23. It recorded a gross premium of ₹15,993 crore (US$2.0 billion) in the financial year 2022–23.

United India Insurance Company (UIIC) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Chennai, Tamil Nadu, the company has 30 regional offices and more than 1,400 operating offices nationwide, including 511 micro offices, as of 31 March 2023. It also had underwriting operations in Hong Kong that ceased effective 1 April 2002, following which the New India Assurance Company Limited, Hong Kong, has taken over the run-off portfolio. This foreign operation had three outstanding claims as of 31 March 2023. The company was incorporated on 18 February 1938 and nationalized in 1972. The Company recorded a gross direct premium income of ₹17,644 in the financial year 2022-23, registering a growth of 12.23% over the previous year.

Insurance Brokers Association of India (I.B.A.I.) was established as a company under Section 25 of the Companies Act, 1956 on 25 July 2001. All licensed insurance brokers must be members of the IBAI Insurance Broker Regulations. Insurance Brokers Association of India (IBAI) is the sole representative body of licenesed insurance brokers recognised by the Insurance Regulatory and Development Authority of India (IRDAI). As per the Insurance Brokers' Regulations 2002 framed by the IRDAI and as amended from time to time it is mandatory for all licensed Brokers to be member of IBAI. The member strength of IBAI is 523 as of May-2022. The main objectives of IBAI is to encourage, promote interaction, facilitate and protect the interests of the members. IBAI provides an avenue to the members for further education, training and research in all fields of insurance and reinsurance and represent the interests of Brokers with other Industry trade bodies.(Regional and National Level) IBAI is a member of Council of Asia Pacific Brokers Association (CAPIBA), the Bombay Chamber of Commerce & Industry, Federation of Indian Chambers of Commerce & Industry (FICCI)

References

↑ "NIA: 100% placement with highest package of Rs 10.5 lakh per annum". The Indian Express. Retrieved 17 March 2012.

External links

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[1] "NIA: 100% placement with highest package of Rs 10.5 lakh per annum". The Indian Express. Retrieved 17 March 2012.

[1]

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