IRDAI aims for accessible insurance by 2047

Innovations in the insurtech sector were discussed to meet insurance goals.

India’s regulators call for the need to diversify insurance products and providers to reflect India's diverse demographics and expand distribution channels to ensure accessibility. Other key topics included providing affordable insurance, integrating advanced technology, and enhancing the State Insurance Plan's role.

The "Insurance for All" Vision Meet, organised by insurance councils, took place in Mumbai on 23 and 24 August. The event aimed to develop a foundational framework to achieve "Insurance for All by 2047." 

Participants included insurers, reinsurers, intermediaries, and key officials from the Insurance Regulatory and Development Authority of India (IRDAI). A team from the Indian Institute of Management Kozhikode provided academic support, contributing to the strategy document.

The meeting also addressed growth capital, capacity building, effective reinsurance, and risk management strategies. A customer-centric approach was highlighted to improve service delivery, expedite claim settlements, and resolve grievances. Innovations in insurtech were discussed as crucial to achieving the insurance goals.

Thematic working groups will further develop the strategy document and its implementation. The meeting laid the groundwork for transforming India's insurance sector, aiming for an inclusive and equitable insurance future by 2047.