Debasish Panda, chairman,IRDAI
Distribution reforms in the pipeline were discussed which aim to empower individuals in the space of insurance intermediation through measures to enhance performance and productivity of the distribution channels, training and capacity building in the intermediary space with focus on steps to provide a career path for them enabling better employment opportunities and sustainable revenue
Hyderabad: Insurance regulator IRDAI has asked insurers to strictly ensure seamless claim settlements, prompt grievance redressal and get ready for listing.
In its interactions with insurers, at the ninth edition of Bima Manthan at Hyderabad, the IRDAI among other issues emphasised strict adherence, in letter and spirit, to regulatory stipulations and zero-tolerance to non-compliance.
Addressed by IRDAI chairman Debasish Panda, Bima Manthan, the quarterly meeting of the regulator with the CEOs of insurers, was held at IRDAI headquarters in Hyderabad.
There were candid and in-depth deliberations on host of aspects in the two – day long Manthan held on February 13 and 14, 2025, said the IRDAI.
Insurers were advised by the IRDAI for the timely and effective implementation of ombudsman awards and prepare a roadmap for listing.
The regulator also stressed upon the need for ensuring timely and transparent public disclosures on the websites of insurers.
Key highlights of the latest Bima Manthan are:
Distribution reforms in the anvil
Distribution reforms in the pipeline were discussed which aim to empower individuals in the space of insurance intermediation through measures to enhance performance and productivity of the distribution channels, training and capacity building in the intermediary space with focus on steps to provide a career path for them enabling better employment opportunities and sustainable revenue.
Strategies to reach the last mile
There were interactions around need for collective efforts to lay down necessary building blocks to ensure a delightful customer journey, possible strategies to enhance inclusive insurance, making insurance accessible in nook and corners of the country and taking insurance to every doorstep. Emphasis was laid on expanding physical presence in every district of the country while also adopting a phygital approach.
Strengthening Risk Management efforts
Measures to strengthen the risk management framework to face challenges posed by various risks including the rampant cyber risks coming to light these days, were discussed. Updates on usage of advanced analytical tools of the Insurance Information Bureau of India (IIBI), a vital data repository for the sector was made. Emphasis was laid on usage of necessary risk mitigation tools.
Strengthening Financial Position, Investment Avenues
Need for stress testing, scenario analysis and an effective asset liability management was highlighted. A presentation was made by National Bank for Financing Infrastructure and Development (NaBFID). The presentation offered key insights on infrastructure investments and Bond Markets and showcased how insurers can leverage NaBFID to diversify their investments.
Leveraging technology and encouraging innovation: The regulator urged insurers to utilize regulatory sandbox environment to bring about innovation in products, process etc.
There was presentation on ‘Entity Locker’: A Digital Public Infrastructure for streamlined business document management, developed by The National eGovernance Division (NeGD), of Ministry of Electronics and Information Technology, a cutting-edge digital platform designed to transform the management and verification of business/organisation documents.
State Insurance Plan
Another key point of discussions included roll out of State Insurance Plan on Mission mode anchored by a National-Level Mission. A draft Scheme was unveiled which seeks to deepen inclusive insurance penetration and broaden coverage across States and Union Territories in close coordination and a multitier governance mechanism with representatives across all levels of government administration spanning from Gram Panchayat, Urban Local Bodies, Districts, State and Central Government Administration.
The scheme seeks to strengthen the efforts of the industry to reach every household, by leveraging technology and catering to the region-specific insurance needs while also generating local employment opportunities.
Performance of the Sector: A stock taking of the performance of the industry was done in terms of growth trends, new business generation, status of persistency etc. As Insurance products cater to the financial needs of a policyholder in a long-term horizon,measures to enhance the value proposition offered to the customers was deliberated.