TNN / Updated: Aug 26, 2024, 04:40 IST
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Irdai urged insurance companies to devise strategies for affordable insurance to achieve ‘insurance for all’ by 2047. Key discussions included increasing provider diversity, widening distribution channels, leveraging Insurtech for efficiency, and strengthening state insurance plans to reduce premiums and make insurance accessible, especially in underserved areas.
MUMBAI:
Insurance regulator
Irdai has asked companies to come up with strategies for providing affordable
insurance
products to achieve the goal of
insurance for all
by 2047. The move is significant given that high premiums in health insurance are causing many in the senior age group to drop out because of affordability.
The insurance councils hosted the “Insurance for All” vision meet on Friday and Saturday in Mumbai to lay the groundwork for the vision of insurance for all by 2047.
A major focus was on defining the insurance for all concept and developing mechanisms to measure and monitor progress. One of the ideas discussed in the meeting was to increase the diversity of providers who, in turn, will bring in a broad range of insurance products, thereby increasing competition and reducing pricing. Another one was widening distribution channels for insurance to make it more accessible, particularly in underserved areas.
Companies suggested that the use of Insurtech can streamline operations, reduce administrative costs, and improve efficiency. These savings can then be passed on to consumers in the form of lower premiums.
Participants said that strengthening the state insurance plan is crucial for making insurance more affordable.
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