The Insurance Regulatory and Development Authority of India (IRDAI) brought multiple reforms, focussing on three prominent themes – strengthening the ecosystem, improving accessibility & reach, and safeguarding policyholders’ interest.
Insurance Trinity
The regulator has envisaged three major initiatives Bima Sugam, a onestop digital platform, Bima Vistar, an all in one affordable insurance cover and Bima Vahak, a women-led field distribution force. Popularly labelled as the `Insurance Trinity’ , these initiatives are expected to be game changes for the insurance industry in the country bridging the existing gaps in the product design, pricing and distribution.
In terms of insurance penetration, the Lead Insurer Scheme was a major initiative to achieve expansion of the reach of insurance products. A new draft product design norms including a proposal for higher surrender value for nonlinked products and lower charges for insurers was also released by IRDAI.
“The year 2023 saw some marketmoving developments for the industry including the government’s decision to levy tax on income arising from insurance policies with an aggregated premium worth ?5 lakh every year, starting April 2023,’’ Sumit Rai, MD and CEO, Edelweiss Tokio Life Insurance.
”There was a sustained emphasis on digitalisation to reimagine customer and distributor management processes,’‘ Rai said.
Insurtech Sector
This story is from the February 2024 edition of THE INSURANCE TIMES.
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This story is from the February 2024 edition of THE INSURANCE TIMES.
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