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 {{IssueName}} edition of {{MagazineName}}.

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 {{IssueName}} edition of {{MagazineName}}.

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
Loser takes all
Business Standard

Loser takes all

This book was published in September, three months ahead of the US presidential polls, presumably to reveal to voters the dangers of returning Donald Trump to the White House.

time-read
5 mins  |
November 30, 2024
Business Standard

J&K HC asks Army to pay 46 years' rent to landowner

The High Court of Jammu and Kashmir and Ladakh recently held that the right to property now falls within the realm of human rights.

time-read
1 min  |
November 30, 2024
Business Standard

India, UK navies to develop electric propulsion for next-gen warships

The ministries of defence of India and the UK have signed a statement of intent (SoI) to cooperate in designing and developing Electric Propulsion Systems for the Indian Navy.

time-read
2 mins  |
November 30, 2024
India backs Iskcon, tells Bangladesh to protect minorities
Business Standard

India backs Iskcon, tells Bangladesh to protect minorities

New Delhi hopes arrested monk will get fair trial

time-read
1 min  |
November 30, 2024
HAVING A BALL
Business Standard

HAVING A BALL

Indian bowlers are winning matches and setting IPL auction records. But brands are not yet bowled over. Will Bumrah get bowlers their due?

time-read
5 mins  |
November 30, 2024
Business Standard

Link UPI app to bank account with limited funds, set daily limits

Indians have lost ₹485 crore to frauds on the Unified Payments Interface (UPI) across 632,000 incidents reported until September of the current financial year, according to data from the Ministry of Finance.

time-read
2 mins  |
November 30, 2024
Arpu gains, lower capex augur well for Airtel
Business Standard

Arpu gains, lower capex augur well for Airtel

Brokerages positive on stock; earnings flows may rise over next 24 mths

time-read
2 mins  |
November 30, 2024
NIFTY LOGS BACK-TO-BACK MONTHLY LOSS
Business Standard

NIFTY LOGS BACK-TO-BACK MONTHLY LOSS

Benchmark Nifty 50 index shed 0.3 per cent in November, logging its first back-to-back monthly loss since February 2023.

time-read
1 min  |
November 30, 2024
Lock-up on ₹1.2 trn pre-IPO shares to lift in two months
Business Standard

Lock-up on ₹1.2 trn pre-IPO shares to lift in two months

Lock-up on shares worth nearly ₹1.2 trillion ($14 billion) belonging to 50 companies will end between now and January 31, said Nuvama Institutional Equities in a note.

time-read
1 min  |
November 30, 2024
Margin moderation may cap upsides for Colgate
Business Standard

Margin moderation may cap upsides for Colgate

After gaining over 15 per cent in the first half of the week, the stock of oral care major Colgate-Palmolive (India) has shed about a third of those gains.

time-read
2 mins  |
November 30, 2024