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The Insurance Regulatory and Development Authority of India (IRDAI), the General Insurance Council discussed strategies to be adopted to achieve insurance for all by 2047 with the industry.
A major focus of the discussions in the “Insurance for All” Vision Meet hosted by insurance councils over two days hosted by the Insurance Councils in Mumbai during August 23-24, was on defining the concept of “Insurance for All” and developing mechanisms to measure and monitor progress towards the goal.
The participants explored the necessity of diversifying insurance products and providers to better reflect the diverse demographics of India. Expanding distribution channels was also a key topic, aimed at ensuring that insurance products are accessible to every segment of society.
Additionally, the discussions covered strategies for providing affordable insurance products, integrating advanced technology, and enhancing the role of the State Insurance Plan.
“All these discussions and deliberations were aimed at developing a detailed roadmap to achieve the ‘Insurance for All’ vision by 2047,’’ IRDAI and General Insurance Council said in a joint release.
The participants explored the necessity of diversifying insurance products and providers to better reflect the diverse demographics of India. Expanding distribution channels was also a key topic, aimed at ensuring that insurance products are accessible to every segment of society.
The meet also addressed several additional focus areas critical to the future of the insurance sector. These included the need for growth capital and capacity building, as well as the importance of effective reinsurance and risk management strategies.
Emphasis was placed on adopting customer-centric approaches to improve service delivery, expedite claim settlements, and swiftly resolve grievances.
Enhancing the efficiency of distribution channels was another important point of discussion. Innovations in insurance technology (Insurtech) were also highlighted, which would play a key role in achieving insurance for all, the release said.
The meet held under the leadership of the IRDAI Chairman, Debasish Panda and was facilitated by the General Insurance Council led by Tapan Singhel, Chairman of the General Insurance Council & MD & CEO of Bajaj Allianz General Insurance, with the primary objective to collaboratively craft a foundational framework that would guide the vision of achieving the target of insurance for all.
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