Several insurance industry players attended the "Insurance for All" Vision Meet held last week to craft a foundational framework that would guide the vision of achieving "Insurance for All" by 2047.
In a media statement, the IRDAI says that the event, hosted by insurance councils on 23-24 August 2024, brought together insurers, reinsurers, representatives of intermediaries, and key IRDAI officials.
In addition, a dedicated team from the Indian Institute of Management (IIM) Kozhikode participated as a key academic partner, offering structured guidance, research support, and invaluable insights for the creation of the strategy document.
The event was meticulously designed to foster discussions and brainstorming, ensuring a broad and inclusive dialogue on the future of insurance.
During the meeting, discussions delved into various critical areas. A major focus was on defining the concept of "Insurance for All" and developing mechanisms to measure and monitor progress toward this goal.
Among the topics discussed were:
- The necessity of diversifying insurance products and providers to better reflect the diverse demographics of India.
- Expanding distribution channels to ensure that insurance products are accessible to every segment of society.
- Strategies for providing affordable insurance products, integrating advanced technology
The meeting also addressed several areas critical to the future of the insurance sector. These included the need for growth capital and capacity building, as well as the importance of effective reinsurance and risk management strategies. Emphasis was placed on adopting customer-centric approaches to improve service delivery, expedite claim settlements, and swiftly resolve grievances.
Dedicated thematic working groups consisting of primary stakeholders will delve deeper to strengthen the strategy document and implementation thereof.