IRDAI Chief Urges Insurance Disruption for 'Insurance for All'
By Rediff Money Desk, MUMBAI Feb 13, 2024 13:09
IRDAI chairman Debasish Panda stresses on the need for insurance companies to embrace disruption and technology to achieve 'insurance for all' by 2047. He emphasizes the importance of actuaries and digital transformation in the sector.
Mumbai, Feb 13 (PTI) Insurance players need to underwrite disruptions to make the vision of 'insurance for all' a reality by 2047, regulator IRDAI's chief Debasish Panda said on Tuesday.
The chairman of the Insurance Regulatory and Development Authority of India (IRDAI) also emphasised that the approach of 'one-size-fits-all' has become a thing of past due to the radical technology-driven changes taking place in the industry.
It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the insurance sector and make the vision of 'insurance for all' a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries, Panda said at the 23rd global conference of actuaries organized by the Institute of Actuaries of India here.
"There is a need to come out of the traditional and conventional roles and embrace dynamism and agility and also there is a need to see the sector from a different lens," he said, acknowledging the role of actuaries in designing the insurance products and drive the growth of the sector.
With over 850 million internet users and 750 million smartphone users in the country, every click, every keyboard button press, swipe or tap is generating data. These digital footprints are available and most importantly, today's customers do not shy away from sharing information in exchange of personalised experiences, he said.
Thus, any insurance company operating purely on the traditional sides will find it difficult to survive against the ones having predicted customer needs and offer the right product through the right channel to the right customer, he said.
Today, he said, blockchain-enabled smart contracts have enabled the settlement of insurance debt within seconds and even fraud detection has become more effective with the help of data analytics.
Artificial intelligence, machine learning, big data, internet of things (IoT) and many more such new technologies are causing disruptions and changing the traditional fabric of the sector, the chairman said.
The chairman of the Insurance Regulatory and Development Authority of India (IRDAI) also emphasised that the approach of 'one-size-fits-all' has become a thing of past due to the radical technology-driven changes taking place in the industry.
It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the insurance sector and make the vision of 'insurance for all' a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries, Panda said at the 23rd global conference of actuaries organized by the Institute of Actuaries of India here.
"There is a need to come out of the traditional and conventional roles and embrace dynamism and agility and also there is a need to see the sector from a different lens," he said, acknowledging the role of actuaries in designing the insurance products and drive the growth of the sector.
With over 850 million internet users and 750 million smartphone users in the country, every click, every keyboard button press, swipe or tap is generating data. These digital footprints are available and most importantly, today's customers do not shy away from sharing information in exchange of personalised experiences, he said.
Thus, any insurance company operating purely on the traditional sides will find it difficult to survive against the ones having predicted customer needs and offer the right product through the right channel to the right customer, he said.
Today, he said, blockchain-enabled smart contracts have enabled the settlement of insurance debt within seconds and even fraud detection has become more effective with the help of data analytics.
Artificial intelligence, machine learning, big data, internet of things (IoT) and many more such new technologies are causing disruptions and changing the traditional fabric of the sector, the chairman said.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- IFL Enterprises
- 1.36 (+ 4.62)
- 96270207
- Franklin Industries
- 3.90 (+ 4.56)
- 27488423
- Vodafone Idea L
- 16.17 ( -3.69)
- 21236550
- Indian Renewable
- 259.85 ( -4.55)
- 14220958
- AvanceTechnologies
- 0.91 ( 0.00)
- 11517194
MORE NEWS
Indian Markets Turn Negative After Record Highs
Indian stock markets experienced volatility on Thursday, turning negative after...
ASK Property Fund Invests Rs 190 Cr in...
ASK Property Fund has invested Rs 190 crore in a real estate project being developed by...
Japan Trade Deficit Shrinks as Exports Rebound
Japan's trade deficit narrowed in the first half of 2023, driven by a recovery in...