IRDAI hosted the fourth edition of ‘Bima Manthan’ on September 4 and 5, 2023. The central theme of the meeting revolved around promoting Insurance in India with a commitment to achieve ‘Insurance for All by 2047’.
New Delhi. The Insurance Regulatory and Development Authority of India (IRDAI) hosted the fourth edition of ‘Bima Manthan’ on September 4 and 5, 2023. The CEOs of India’s insurance and reinsurance companies gathered at the IRDAI headquarters for the event, underscoring the importance of constant communication in the insurance sector. The central theme of the meeting revolved around promoting Insurance in India with the commitment to achieve ‘Insurance for All by 2047’.
During the two-day event, the participants engaged in discussions, presentations and dialogues with an aim to identify practical solutions to reach the last mile of insurance. Highlights of the discussion included strategies to tap growth opportunities in the insurance sector, address emerging risks, innovative product development, bridging the protection gap, improving distribution and the critical role of technology in expanding insurance access.
Focus on State Insurance Plans
One notable aspect was the focus on State Insurance Plans (SIPs), which are designed to expand insurance across states and union territories. The importance of SIP in reaching out to the deprived population was underlined in the meeting. Additionally, participants discussed the progress made towards the implementation of the Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF) and International Financial Reporting Standards (IFRS).
In the meeting, emphasis was also laid on ensuring availability, accessibility and affordability of insurance. It discussed the need for differentiated insurance products to meet dynamic needs and expanding the geographical presence of insurance companies by enhancing distribution strategies.
