The push for insurance penetration at the gram-panchayat (village) level by the regulatory authorities is a great user-centric move, according to Mr Anup Rau, managing director and CEO, Future Generali India Insurance Company.
In an interview with Financial Express, he said that recent regulatory changes are boosting insurance penetration in remote areas of the country.
He said, “Even in large states, insurers often don’t cover all districts—but it is changing now. For example, we weren’t present in Sikkim until it was assigned to us, and now we have sold over 10,000 policies there.”
Under the IRDAI approach, each insurer is assigned a state and is required to cover a specific number of gram panchayats in that state.