The third edition of Bima Manthan took place over a course of 2 days on 1st and 2nd March, 2023 at Hyderabad. In this edition, focussed discussions happened on the
performance of the industry in FY 2022-23 (till Jan 23).
The industry registered year on year growth rate of 18% till Jan 2023, with general insurance industry recording 17% and life insurance industry clocking 18%. Further, deep-dive was made on all major segments of both the life and non-life segments highlighting opportunities in each area.
A common consensus existed on prioritizing term insurance, pension and annuity segments in life and health, motor, property in general insurance.
It was encouraged to leverage existing government databases and collaborating with other agencies and regulators to expand reach.
Furthering the mission of maximum insurance inclusion, the progress of industry under State Insurance Plan was deliberated.
The insurance industry displayed enthusiasm for the flagship program and committed to actively engage in taking insurance to every nook and corner of the country.
Further, IRDAI mission mode teams on Risk Based Capital, Risk Based Supervision Framework, and Convergence to Ind AS/IFRS presented the progress made in the respective areas.
The transition to the India Model of RBC & RBSF and adoption of Ind AS is possible only with the active role and participation of the industry and thus the expectation from the industry including continued participation in data submission, testing and pilot stage, prompt responsiveness, better synergies etc. were highlighted.
Considering the immense potential of account aggregators, a holistic view of the framework was presented by Sahamati, a non-profit organization engaged in the harmonious adoption of the Account Aggregator framework.
The use case studies for insurance sector leveraging account aggregator framework on customer on-boarding and risk assessment, verification process & reducing frauds, claim payments & reduction in unclaimed amounts and for advanced analytics based products were discussed.
Insurance Information Bureau of India (IIBI) also showcased how advanced data analytics can help the industry and presented demo of ‘Bima Satark’ – a fraud prevention tool created inhouse by IIBI for health insurance.
The industry was encouraged to put Digital First in their data strategy.
The need for prudent health ecosystem collaborations to take the health insurance forward was highlighted. IRDAI stressed upon preference to cashless mode in health insurance over the reimbursement mode. One of the major focus of this Bima Manthan was discussions around prompt claim settlement and speedy redressal of grievances.
IRDAI emphasized on bringing ‘EASE’, that is Enhanced Access and Service Excellence in delivery of insurance services, in line with banking industry.
It envisages creating an environment which provides ease to the policyholder in approaching the insurance company, be it for purchasing, servicing or receiving claims or lodging any complaint or grievance and that the insurance companies must strive to provide maximum excellence in their service delivery.
the industry was encouraged
to have more active role in launching new age products and for emerging risks.