Debasish Panda,chairman,IRDAI
The industry’s preparedness for transitioning towards Risk-Based Supervision, Risk Based Capital frameworks and convergence to International Financial Reporting Standards (Ind-AS) took center stage of the latest Bima Manthan, with participants discussing implementation milestones and timelines
Hyderabad:
IRDAI chairman Debasish Panda and CEOs of the Indian insurance industry including GIC Re and foreign reinsurance branches(FRBs) have met in Hyderabad on April 25th and 26th for Bima Manthan and among other agenda, have charted out implementation of the newly laid out state insurance plan(SIP) by designing products tailored to individual state requirements.
The sixth edition of Bima Manthan, a periodic meeting of industry and IRDAI, had taken place over two days, during the week, at the IRDAI headquarters in Hyderabad.
Along with strategies and action plan on upcoming Bima Trinity, emphasis was laid on enhancing product availability and accessibility, innovative distribution methods and bespoke product designs tailored to individual state requirements which were deliberated during the summit meeting between the IRDAI and the insurance industry. Measures to bolster policyholders’ trust and confidence was also the focus of discussions, said a statement by the IRDAI on Saturday.
Two of the components of Bima Trinity, Bima Sugam, e-market place and Bima Vistaar, an affordable bundled solution combining Life, Health,Property and Personal Accident covers have already made some progress while its third part Bima Vahak, plans to develop a women-centric agency force to sale Bima Vistaar in the rural India, are yet to start.
With consensus reached on maximizing the utilisation of the data repository for informed decision-making, an interactive session with the Insurance Information Bureau of India (IIBI) was also held showcasing the analytical tools available to industry stakeholders, highlighting their utility in risk assessment and management.
The industry’s preparedness for transitioning towards Risk-Based Supervision, Risk Based Capital frameworks and convergence to International Financial Reporting Standards (Ind-AS) took center stage of the latest Bima Manthan, with participants discussing implementation milestones and timelines.
Institute of Insurance and Risk Management (IIRM), the centre of excellence for insurance and risk management, also made a presentation on how a synergy can be developed between academia and industry. Institute also underscored its role in enhancing the human resource capacity to the industry by providing well trained and skilled workforce specialising in insurance.
The meeting had followed the closing of financial year 2023-24 and thus the performance of the industry during the year was discussed.I nsights gleaned from the performance analysis were shared, with a strong emphasis on augmenting insurance penetration nationwide to foster insurance inclusion and resilience.