National Insurance Academy
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The National Insurance Academy (NIAPUNE also known as NIA or simply Academy) 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.
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[edit] Evolution of NIA
Real development of the academy started in 1999. 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.
[edit] 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. The academy has contributed substantially to develop the emerging concept class of Parametric Insurance.
[edit] Institutional expansion
Apart from the mother institution NIA, the academy houses an MBA program NIA SoM, an Executive MBA Program (NIASEE), 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.
[edit] 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 Director of National Insurance Academy (Dr K C Mishra) as Guru Dakshina (a teacher's dues) by the Principal Officer of Marsh (Mr Sanjay Kedia). Now it is housed in National Insurance Academy Museum at Greenleaf Dome, named after the former AT&T Chairman, who popularized the concept of "Servant Leadership".
[edit] NIA School of Management
NIA SoM is the Management School of National Insurance Academy in India. National Insurance Academy School of Management has some features not quite common with management schools.
[edit] Annual Events
NIA SoM organises three majors events every academic year. The major events are:-
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.
[edit] Placements
Since inception NIA SoM has 100% placement track record. Insurance& Reinsurance companies, MNC Brokers, Financial companies and IT companies recurit students from NIA SoM. Students have also been placed in foreign countries too.
Some of 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, IndusInd Bank, Unit Trust of India Mutual Funds
[edit] NAAC Accreditation
On 22nd 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 22nd 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).
[edit] Institutional environment
NIA SoM parent organization National Insurance Academy is promoted by the Government of India, Ministry of Finance and companies in insurance sector wholly owned by the Ministry of Government of India. NIA SoM as a business school was founded in 2004 by Dr. K C Mishra after he joined as the Director of National Insurance Academy in 1999.
[edit] 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 ownway. The Doctoral program revolves around Management, Insurance, Risk Management, Information Technology and Economics.
The academy conducts a selection and nomination process to find out a "C. D. Deshmukh Fellow" 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 "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, which is now housed in te academy's Incubation Centre.
