Universal access to insurance is not an easy task. It would be necessary for all intermediate functionaries to come together to reach the last mile. “They would have to make use of technology and employ better distribution practices. The various platforms like Bima Sugam, Bima Vistaar and Bima Vahak will be very useful in this endeavour. All stakeholders should come together to help achieve the nation’s aspiration of providing insurance to every person in India by 2047, said Debashish Panda, Chairman, IRDAI, on Wednesday while delivering the inaugural address at Fincon 2023, the 22ns annual insurance conference organized by Ficci.
Calling upon gathering representatives of all major insurance companies to help drive penetration, he said, “The new set of regulations are making the insurance sector more attractive for investors and promoters and that insurance companies should also look at augmenting their own capital. The regulatory and supervisory framework is moving to a risk-based framework and switching to international financial reporting standards to help the industry, companies and the regulator have a real-time risk profile.”
Siddhartha Mohanty, MD & In-charge, LIC, said, “The last three years had been quite challenging for all of us. Today the world acknowledges the leadership in the way this challenge was handled in India. It gives us direction to march in a focused manner towards our goal of ‘insurance for all’ by 2047,” he added. According to him, areas of concern are the need to improve penetration and to achieve greater insurance coverage for all customer segments with customer-centric products.
