IRDA Chairman Panda on Tuesday said insurance companies need to reduce barriers to actualize the vision of insurance for all by 2047. With technology-driven changes in the industry, one-size-fits-all service is now a thing of the past. Let us know about it in detail.
Insurance Regulatory and Development Authority of India (IRDA) chief Debashish Panda on Tuesday said insurance companies need to reduce barriers to actualize the vision of ‘insurance for all’ by 2047.
He also emphasized that due to technology-driven changes in the industry, one-size-fits-all service is now a thing of the past.
The goal should be realized by 2047
Panda said at the 23rd Global Conference of Actuaries (those who assess the risks associated with the insurance business) organized by the Institute of Actuaries here that now is the time for us to regain our ground. Resolve and collectively reduce disruptions in the insurance sector so as to realize the goal of ‘Insurance for All’ by 2047.
In this process the role of the actuary becomes paramount. Acknowledging the role of actuaries in designing insurance products and growth of the sector, Panda said, “There is a need to come out of the traditional roles and adopt dynamism and also look at the sector from a different perspective.” They help the firm with their expertise in calculation of premium, rating methods and reserves etc. of various insurance policies.
