“The State Level Insurance Committee should ideally formulate a short term and medium term plan so that a more dedicated and synergized approach is followed within state for insurance awareness. PMJJBY is a measurable product and IRDAI can support the initiative by providing data on quarterly basis for Karnataka’s PMJJBY spread, this will eventually help the insurance companies to map their insurance penetration year on year,” said Sunil Kurtkoti, Advisor (Financial Inclusion), Finance Department, Government of Karnataka
Bengaluru:
The Insurance Regulatory and Development Authority of India (IRDAI) has appointed Canara HSBC Life Insurance, as the lead life insurer for Karnataka and Delhi under its State Insurance Awareness Plan.
To further discuss this agenda, meeting for Karnataka was organized by Canara HSBC Life Insurance in the presence of IRDAI officials and representative from Government of Karnataka along with the participation from the lead general insurance and health insurance partners in Bengaluru.
Sunil Kurtkoti, Advisor (Financial Inclusion), Finance Department, Government of
Karnataka present at the event stated, “The State Level Insurance Committee certainly brings in several ideas for implementation of better insurance prospects within the state. ”
The committee should ideally formulate a short term and medium term plan so that a more dedicated and synergized approach is followed within state for insurance awareness. PMJJBY is a measurable product and IRDAI can support the initiative by providing data on quarterly basis for Karnataka’s PMJJBY spread, this will eventually help the insurance companies to map their insurance penetration year on year, said Kurtkoti.
Motor insurance, crop insurance and property insurance are some of the crucial sectors which can also give insurance sector the much required boost. The regulator can promote a common portal similar to State Level Banking Committee where the
information on progress of every district can be uploaded and measured on timely basis, he added.
Vikas Gupta, Chief Compliance Officer, Canara HSBC Life Insurance said, “We
have already rolled out a few informative and engaging insurance initiatives in Karnataka. Through this State-Level Insurance Committee, the insurance industry aims to bolster insurance awareness, literacy, and carry out many of such campaigns in every district of Karnataka through participation of all insurance companies.