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Royal Sundaram General Insurance flagged off a State-level initiative to increase the penetration of insurance in Telangana.
The Insurance Regulatory and Development Authority of India (IRDAI) had earlier allocated the State of Telangana to Royal Sundaram under the State Insurance Plan.
Through this initiative, IRDAI aims to create awareness about the need for insurance and various coverage options available for people to protect themselves against any critical eventualities.
Commencing the initiative in Telangana, the lead insurer Royal Sundaram organised a meeting with the nominated representatives of other general insurance companies at Hyderabad to discuss the modalities to work collaboratively with other insurance companies. Representatives from several general insurance companies, both from the private and public sectors participated in the meeting.
Increasing awareness
The participants held elaborate discussions on the impact of adequate insurance coverage for the people in the various districts in the State of Telangana. The deliberations also stressed the need to collaborate closely with the State government to increase insurance awareness and its uptake in the State.
“As the lead general insurer in the State of Telangana, Royal Sundaram will be working closely with the other insurers to create insurance awareness in the various districts of this State. Insurance literacy will over a period of time, help to improve insurance penetration in these areas thereby ensuring “financial inclusion” of the people living there,’‘ S R Balachandher, Chief Compliance Officer, Royal Sundaram General Insurance said in a release.
The company said they will strive to ensure that insurance becomes an integral part of the overall economic growth and development thereby underlining the vision of IRDAI to provide insurance for all citizens by 2047.
As part of the plan, each insurance company will be allocated one or two districts with the responsibility to educate and create the required awareness in those districts using various strategies on the importance of insurance and how it will protect and support the people during their time of need ensuring their financial and lifestyle protection.
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