New Delhi:
Even as two Corona specific insurance products, Corona Rakshak and Corona Kavach have seen high demand from policyholders.covering more than 15 lakh lives since July 10, Subhash C Khuntia, Chairman, IRDAI today urged the insurers to focus on more simple, innovative and transparent products faster claim settlements, streamlining of grievance redressal mechanism.
Insurance Regulatory and Development Authority of India (Irdai) which will open window for filing applications under Regulatory Sandbox have also urged industry to focus on products which will deal with current pandemic, he said while speaking at FICCI’s 21st Annual Insurance Conference ‘FINCON 2020’,
Khuntia said that, “More than 15 lakh lives have been covered under Corona Rakshak and Corona Kavach within a period of month. This shows there is a demand from customers for such products. We must design the products keeping in mind what customers needs.”
Recently insurance regulator also invited applications for second cohort of the Regulatory Sandbox. The window for filing of applications will open on 15th September 2020 and close on 14th October 2020. “Fintech companies in collaboration with insurance companies can also participate in Sandbox for innovate products and process.
“We will be happy if more emphasis will be given by you on how to deal with the current pandemic and post pandemic.We will be delighted if more proposals come to deal with present situation,” added Khuntia.
"He further expressed hope that the Indian insurance industry has the resilience to fight the pandemic.
"We will come out with a positive growth very soon. Till up to July, only life insurance has remained negative but general insurance and health insurance have recorded better growth," he added.
MR Kumar, chairman, Life Insurance Corporation(LIC) said, "We as an industry learnt deeper lessons and came up with long term strategy and solutions. The focus should not be on firefighting but creating a robust risk management structure."
He further emphasized to focus on IDEAS- Investment opportunity, Distribution of insurance products, Economics and efficiencies, Administration of business & focus on technology and Solvency and soundness of the industry.
Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance,said that there will be a lot of behavioural changes amongst the consumers with increase in contactless and digital services. He said that more hybrid distribution models using human and technology will work in the future.
Mr G Murlidhar, MD & CEO, Kotak Mahindra Life Insurance, said that the life insurance industry plays an important role in the economy. The industry must focus on adopting newer technologies to increase market access.