Amity School of Insurance, Banking & Actuarial Science (ASIBAS), Amity University Noida, organized a National Seminar on the theme, “ESG & BFSI Sector: Challenges & Opportunities”, to inform and educate the students about the challenges and opportunities for ensuring Environmental Social and Corporate Governance in Banking, Financial Services, and Insurance Sector.

Inaugurating the Seminar, Mr. Baldev Prakash, MD & CEO, J&K Bank, averred, “With the increasing challenges of climate change, the idea of sustainability has presumed unprecedented significance, and enforcing environment sustainability is becoming paramount. The major challenges that the insurance sector is facing currently are climate change, poverty and inequality. The government is taking steps to overcome these challenges and ensure sustainable economic development by introducing Green Financial Instruments, Sovereign Green Bonds, and other initiatives. Creating a dynamic environment for the growth and transformation of the insurance and banking sector and strong industry-academic collaboration is required to Environmental, Social, and Corporate Governance (ESG) in the Banking Financial Services and Insurance Sector.”

Addressing the students, Mr. Vivek Jalan, Managing Partner, Willis Towers Watson, opined, “Actuarial Science has evolved in the last few years and there are ample opportunities in this sector due to globalization. The insurance sector has been privatized and a lot of students are opting to pursue their studies in the area of Banking and Finance. The number of insurance companies has increased immensely, in the last few years and the common masses have become highly aware of insurance policies, investments, and returns. However, the actuaries or the insurance agents must be able to explain the advantages of taking the policy to the consumers and should be an effective communicators since people are very inquisitive these days and want to know the benefits, implications and returns on their investments.”

Sharing his words of wisdom, Dr. Ashok K. Chauhan, Founder and President, of Amity Education Group, stated, “Amity has set a benchmark for itself in providing high-quality education along with great human values. Students must listen to the experts carefully since they are highly successful in their field and learn from their deliberations. There is no dearth of opportunities in any area today, however, the students must have a strong determination to excel in their field.”

Speaking on the occasion, Mr. Pankaj Tomar, India Head, AXA Climate, asserted, “The theme of the seminar is very apt since the government is focussing on Sustainable Development Goals in all areas including the finance sector. The sector is uniquely exposed to climate risk on the assets as well as liabilities side. The Banking and Insurance Sector is at the core of having ESG strategies, which aim to protect the environment, promote equity, and foster transparency and trust, thereby adopting a multi-dimensional approach including these three pillars.”

Encouraging the students of Amity, Dr. Gurinder Singh, Group Vice Chancellor, Amity Universities, emphasized, “Banking, Financial Services, and Insurance Sector are increasingly recognizing the importance of sustainable and responsible business practices and therefore, students must learn about how to adopt and implement sustainable business practices in the insurance sector. They are bound to face challenges, but they must never give up and keep moving forward, with a strong will to overcome every challenge.”

Welcoming the guests during the seminar, Mr. A. P. Singh, Director, ASIBAS, Amity University, said, “In today’s business scenario, environmental, social and corporate governance, holds great significance and is driving a fundamental change in how the financial industry operates and interacts with stakeholders and investors. It emphasizes sustainable development, ethical governance and meaningful strategies, that balance economic success and environmental and social well-being. The seminar will serve as a crucial platform for young professionals, researchers, academicians, and corporate leaders, to overcome the challenges in the insurance and banking sector.”

During the Seminar, two Panel discussions on the topics ‘ESG – Roadmap for Insurers’ and ‘Sustainable Finance & MSME Sector’, were held wherein experts including Mr. Rakesh Yadav, Sr. General Manager, Royal Sundaram General Insurance Co., Mr. Adeep Jain, Director Global Actuarial Modelling, Metlife, Ms. Shailaja Lall, Partner, Shardul Amarchand Mangaldas & Co., Mr. Manish Sinha, General Manager, SIDBI, Mr. Ravi Kumar, AGM (Credit) & Head – Co-Lending, Partnerships, New Initiatives & Strategies, Bank of Baroda, Mr. Samrat Ray, Energy Specialist, Asian Development Bank and Mr. Gaurav Lal, Business Head, Tata Cleantech, shared their views.