Time to open up insurance sector for 100% FDI
Business Standard|November 09, 2024
With the new regulatory framework focusing on ease of doing business, a reduced compliance burden and a more robust and resilient risk management system through risk-based capital, risk-based supervision, and the International Financial Reporting Standard, the industry is now positioned to meet its evolving needs, said DEBASISH PANDA, chairman, Insurance Regulatory and Development Authority of India (Irdai).
Tamal Bandyopadhyay at the Business Standard BFSI Insight Summit
Time to open up insurance sector for 100% FDI

To fully capitalize on these changes, the industry must expand into underserved regions, developing products tailored to the specific needs of different geographies, he highlighted. He also advised that embracing technology was crucial, along with implementing strong cybersecurity measures. Further, the claims experience for customers must be smooth and satisfying, ensuring a delightful journey throughout the process, which companies must prioritize and continuously enhance. In a fireside chat with Tamal Bandyopadhyay at the Business Standard BFSI Insight Summit, Panda spoke about the transformation the industry had undergone since he took over and what was next in store. Edited excerpts:

How is the insurance sector getting transformed?

Insurance has to reach every household, has to touch every citizen, and has to reach the enterprise. When we are talking of Viksit Bharat by 2047, we must have a fully insured society, a fully banked society, and a fully pensioned society.

In the past couple of years, we have looked at what the system was that existed and also looked at whether the regulatory system provides ample opportunities to what the policyholders would expect.

For Irdai, the policyholders and the prospects remain at the core. We looked at the agility of the framework. We looked at the progressive nature of the framework. We looked at whether it gives enough operational flexibility to the insurers. What we are looking at is how insurance could be made available, accessible, affordable, and, over and above that, how we build trust for insurance as a product.

This story is from the November 09, 2024 edition of Business Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the November 09, 2024 edition of Business Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BUSINESS STANDARDView All
Business Standard

Qcom firms flouting domestic laws: CAIT

Top 3 companies got ₹54K cr FDI but used only ₹1.3K cr lawfully

time-read
1 min  |
November 14, 2024
AI may create 2.73 mn jobs in India by 2028
Business Standard

AI may create 2.73 mn jobs in India by 2028

Amid intense debates over artificial intelligence (AI) and generative AI (GenAI) causing job loss going forward, a study by ServiceNow, in collaboration with Pearson, has projected that AI could actually drive employment growth, creating an estimated 2.73 million jobs in India by 2028.

time-read
1 min  |
November 14, 2024
Business Standard

Child insurance: Waiver of premium can help secure education goal

Vineet Kumar (name changed on request), a 32-year-old Faridabad-based advertising executive, is the father of a one-year-old. While he finds fatherhood fulfilling, he admits to certain anxieties. \"I do sometimes worry about what would happen to my child if I am not around,\" says Kumar.

time-read
2 mins  |
November 14, 2024
More appetite for Swiggy than Zomato in long term
Business Standard

More appetite for Swiggy than Zomato in long term

Brokerages bullish on its shares, give 'buy' rating to stock

time-read
2 mins  |
November 14, 2024
Business Standard

F&O segment gets 45 additions

The stock exchanges on Wednesday announced the addition of 45 stocks in the new list of scrips eligible for trading in the futures and options (F&O) segment, including Zomato, Jio Financial, Paytm, Delhivery, and Avenue Supermarts.

time-read
1 min  |
November 14, 2024
Expansion, operational gains a positive for Hindalco
Business Standard

Expansion, operational gains a positive for Hindalco

Consolidated net sales of Hindalco Industries stood at ₹58,200 crore, up 7 per cent year on year (Y-o-Y) and 2 per cent quarter on quarter (Q-o-Q) in the second quarter of the current financial year (Q2FY25), with better realisations and efficiencies in India.

time-read
2 mins  |
November 14, 2024
Market regulator bats for easing angel fund norms
Business Standard

Market regulator bats for easing angel fund norms

Market regulator Securities and Exchange Board of India (Sebi) may soon allow angel funds to expand the scope of investors by including Hindu undivided families (HUFs), family trusts, and sole proprietorships, among others.

time-read
1 min  |
November 14, 2024
Business Standard

Sebi takes up review of custodian norms

Capital market regulator Securities and Exchange Board of India (Sebi) has proposed measures to ease operations and compliance by custodians — entities which manage foreign portfolio investors (FPIs).

time-read
1 min  |
November 14, 2024
FMCG sector's defensive cloak feels tear of market forces
Business Standard

FMCG sector's defensive cloak feels tear of market forces

The fast-moving consumer goods (FMCG) sector is losing its status as a defensive sector.

time-read
2 mins  |
November 14, 2024
Sebi mulls action for lapses in AI usage
Business Standard

Sebi mulls action for lapses in AI usage

The Securities and Exchange Board of India (Sebi) on Wednesday proposed norms to specify responsibilities on its registered entities like mutual funds, stock brokers and market infrastructure institutions (MIIs) for the use of artificial intelligence (AI) and machine learning (ML) tools.

time-read
1 min  |
November 14, 2024