The Insurance and Banking Industries, in the recent past, have witnessed phenomenal growth, drastic changes in regulatory framework, increasingly higher expectations of the consumers in terms of quality of service, usefulness of products, customization of product and choice of products etc. As technology innovation, higher customer expectations and disruptive new entrants redefine the marketplace, insurers and financial institutions remain focused on growing top-line sales/turnover, bottom-line profitability, addressing challenges, and competing in a highly dynamic industry.
There is significant impact of the emerging technologies associated with Industry 4.0 on the Banking, Financial Services and Insurance (BFSI) in the present scenario. The concept of Industry 4.0 is being taken up in the context of education of Insurance, Banking and Actuarial Science in the Amity University and blue print has already been prepared to implement this. Amity University with world class infrastructure is the first University to adopt ‘Industry4.0’ in education from session starting in 2019-20. With this initiative Amity School of Insurance, Banking and Actuarial Science (ASIBAS) will have edge over other institutes providing specialized programs on Insurance, Banking and Actuarial Science. Moreover ASIBAS is the pioneer in India in providing highly specialized programs in the aforementioned domains at one place.
Since Education 4.0 denotes innovative changes, relevant to Industry 4.0 and since it is in response to the global call for action by World Economic Forum - the Industry can expect better-prepared workforce, students will have better employability and better preparation for future with a better return expectation on educational investment.