The mission of achieving maximum insurance inclusion received further impetus through deliberations on the progress of the industry under the State Insurance Plan, said the IRDAI on Thursday
The broader discussions ventured into crucial areas, such as availability of affordable insurance products for each segment of the society, the adoption of technology, leveraging the India Stack, updates on the State Insurance Plan, and the movement towards principle based regulatory architecture, added the insurance regulator
Hyderabad:
In a bid to increase insurance penetration in a much faster pace particularly in the hinterland, the segment regulator IRDAI is now planning to include state level insurance plans as part of its revised rural and social obligation.
The IRDAI has talked about its plan to include state insurance plans(SIP) during fifth edition of Bima Manthan held between 23rd and 25th January in Hyderabad. IRDAI chairman Debasish Panda addressed the CEOs of the Indian insurance industry followed by a close interaction between the regulator and CEOs of the industry.
The mission of achieving maximum insurance inclusion received further impetus through deliberations on the progress of the industry under the State Insurance Plan, said the IRDAI on Thursday.
The event provided a platform for in-depth discussions on major segments within both the life and non-life sectors, shedding light on opportunities within each domain.
The focal point of the latest Bima Manthan centered on a comprehensive exploration of the insurance industry’s performance until the third quarter of the fiscal year 2023-24.
The discussions ventured into crucial areas, such as availability of affordable insurance products for each segment of the society, the adoption of technology, leveraging the India Stack, updates on the State Insurance Plan, and the movement towards principle based regulatory architecture, added the insurance regulator.
A unanimous consensus emerged, emphasising the paramount importance of prioritising insurance awareness.
The industry collectively committed to redoubling efforts in this regard, underscoring the need for affordable, customised, and diverse products.
Participants also acknowledged the value of leveraging existing databases and fostering collaborations to broaden their outreach.
Within the Health Segment, deliberations gravitated towards the ambitious goal of achieving 100 per cent cashless claims settlement, coupled with the implementation of a common empanelment system for network providers.
Strategies to enhance health insurance penetration were thoroughly deliberated, reflecting a proactive stance towards addressing industry challenges.
A significant focus of Bima Manthan revolved around ensuring prompt claim settlement and expeditious resolution of grievances. The event underscored the heightened responsibility of insurance companies and insurance councils to adhere to the best market conduct practices and ethics, ultimately maximizing customer satisfaction.
Discussions also extended to improving the efficiency of distribution channels, arresting misselling and force selling, and directing insurers to intensify efforts towards the payment of unclaimed amounts. Additionally, attention was devoted to the swift implementation of awards by insurance ombudsmen.
The Insurance Information Bureau of India (IIBI), a pivotal sectoral data repository, presented various data analytical tools, reinforcing the industry’s commitment to staying abreast of technological advancements.
In the concluding session of Bima Manthan, industry stakeholders provided their insights on the proposed principle-based regulations.