IRDAI is actively pursuing reforms in the insurance sector to enhance its adaptability and responsiveness. “We are currently at a juncture marked by personalized offerings and shifting consumer preferences. To meet these changes, we are exploring flexible, do-it-yourself insurance products, leveraging advisory technologies and digital assistants. We anticipate a future where insurers can efficiently manage large and diverse data sources, harnessing quantum computing to revolutionize risk assessment and decision-making, thereby significantly improving the insurance lifecycle,” said Debasish Panda, Chairperson, Insurance Regulatory and Development Authority of India (IRDAI) during his special address at the Global Fintech Fest 2023.
Panda extensively discussed new technological developments lined up for the Insurtech sector, and said, “AI algorithms combined with machine learning models and predictive analysis will be leveraged to make underwriting an essential process in the insurance industry. Process automation will help increase the speed of traditional processes that require manual intervention. Further, conversational AI will be harnessed in the Insurance industry throughout the value chain and will help customers by assisting them during various stages of insurance procurement to claim process.”
Underlining his vision for the future of the sector, Panda further said, “It is safe to say that smart contracts, parametric triggers and decentralised insurance would be the future. Simple, fast, automated and efficient – that is where we want to reach. Accessibility, availability, awareness, choiceness, healthy competition all led by technology is the way forward.”
