Mumbai, June 2022: The Federation of Automobile Dealers Associations (FADA) held its first Finance and Insurance Summit- 2022 today at Mumbai. The summit was organised to bring industry stalwarts on one platform to discuss the ongoing opportunities and challenges in the Indian Automobile industry with reference to Finance & Insurance. The leadership shared their views & vision for the sector and urged industry to initiate some of the best practices for a better future.
The sessions were graced by Shri Ashish Kumar Singh, IAS, Additional Chief Secretary (Transport & Ports), Govt. of Maharashtra along with some of the Industry leaders from Finance & Insurance sector, Mr B Ganesh Kumar, Founder & CEO Kuwy Technology Service Pvt. Ltd, Mr Rajan Pental, Sr. Group President & Global Head – Retail Banking Yes Bank, Mr Ramesh Iyer, Chairman, FIDC & MD – Mahindra Finance and Mr. Amar J Sheth, State Chairperson Maharashtra, Mr Vinkesh Gulati, President, Federation of Automobile Dealers Associations (FADA) and Mr. Manish Raj Singhania, Vice President, FADA led the sessions along with other FADA dignitaries.
Expressing his gratitude to the hon’ble guests, and appreciating the contribution made by Insurance & Finance sector in crafting the Automobile business and playing an important role in reviving the Automobile industry, Mr Vinkesh Gulati, President of FADA, said, “Throughout their existence, Finance & Insurance (F&I) have been the backbone of the Indian economy. In recent years, the F&I sector has made enormous contribution to the growth of the Indian automobile industry and the dealer community. Dealerships are a dynamic business and need finance support every off and on, the Finance & Insurance sector has really given us the best of their support we needed from them. Insurance & Finance Industry holds a significant role in revitalizing the confidence of the industry both on supply & demand sides. As a representative of the entire fraternity, I would like to thank you for your continued support of our business model & giving it the trust it deserves. As we move forward, I assure you the dealer community will do its best to make this relation efficient and drive the sector forward.”
Power Panel I: Finance
The first power panel focused on the changing Dynamics of Automotive Industry and vehicle financing business. The session discussed crucial industry topics, such as continued supply chain constraints, high used-vehicle values, rising interest rates, increased cost of funds and revised MISP guidelines.
The power panel 1 was moderated by Mr Sai Giridhar, Treasurer, FADA along with industry stalwarts like Mr B Ganesh Kumar, CEO & Founder, Kuwy Technology Service Pvt Ltd, Mr Ajay Raghuvanshi, Head Sales- India Region, Skoda Auto India P Ltd, Mr Eric Vas, President (Urbanite Business), Bajaj Auto Ltd, Mr Mahavir Agrawal, Head – Credit Risk (Retail & SME), YES BANK, Mr Vikas Pandey, Executive Vice President & Business Head – Auto & Gold Loans, HDFC Bank Ltd
Power Panel II: Insurance
The second power session focused on the Automotive Industry and Vehicle Insurance. The session discussed the current situation for vehicle insurance business in the automotive market. How can the ongoing challenges be addressed & transform the industry with greater opportunities? Vehicle Insurance has grown as a greater opportunity for Dealers to sustain a longer relationship with the customer and retain the business opportunity at large for future.
The panellists for the Power Panel 2 were Mr Anand Singhi, Chief Distribution Officer, Reliance General Insurance Co. Ltd, Mr Gunasekhar Boga, Executive Director, IFFCO TOKIO General Insurance Co. Ltd, Mr Jagjeet Siddhu, Senior EVP & Head, Multi-Channel Distribution, Kotak Mahindra General Insurance Co. Ltd, Mr Parthanil Ghosh, President – Motor Business, HDFC Ergo General Insurance Co. Ltd and the session was moderated by Mr. C S Vigneshwar, Secretary, FADA
The Insurance & Finance summit was further extended to FADA Dealership Excellence Awards 2022. The session was addressed by Dr Avinash Dhakane, IAS, Transport Commissioner, Government of Maharashtra, was the chief guest, along with Dr Pawan Goenka, Chairman IN-SPACe, Department of Space, Government of India and executives from Indian Automobile sector, Finance, and Insurance institutions, as well as representatives of FADA.
The objective of the summit was to bring industry leaders together at one platform to explore future trends. The summit and award ceremony witnessed the participation of over 317 auto retailers and delegates representatives from Maharashtra region.