IRDAI Chief Urges Insurance Industry To Adapt With Technology And Sector Changes

The Insurance Regulatory and Development Authority of India chairman stressed that the vision of ‘insurance for all’ can become a reality by 2047 if the industry starts underwriting disruptions

The executive said that any insurance firm working with a traditional viewpoint would face difficulties in adjusting to customer needs and providing the right product to the appropriate customer.

Source : Getty

IRDAI Chief, Debashish Panda, urged insurance industry players to underwrite disruptions to ensure that insurance becomes accessible for everyone by 2047. The Insurance Regulatory and Development Authority of India (IRDAI) chairman stressed that the vision of ‘insurance for all’ can become a reality by 2047 if the industry starts underwriting disruptions. 

The executive noted that the ‘one-size-fits-all’ approach is not applicable in today’s environment with technology driving major changes in the industry, reported PTI. “It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the insurance sector and make the vision of 'insurance for all' a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries,” Panda stated. 

Addressing the 23rd global conference of actuaries, held by the Institute of Actuaries of India, the executive called for the industry to adapt to new perspectives and attitudes. “There is a need to come out of the traditional and conventional roles and embrace dynamism and agility and also there is a need to see the sector from a different lens. With over 850 million internet users and 750 million smartphone users in the country, every click, every keyboard button press, swipe, or tap is generating data. These digital footprints are available and most importantly, today's customers do not shy away from sharing information in exchange of personalised experiences,” Panda added. 

The executive stated that any insurance firm working with a traditional viewpoint would face difficulties in adjusting to customer needs and providing the right product to the appropriate customer.

Elaborating on the role of technology in the sector, he said, “Blockchain-enabled smart contracts have enabled the settlement of insurance debt within seconds and even fraud detection has become more effective with the help of data analytics. Artificial intelligence, machine learning, big data, internet of things (IoT), and many more such new technologies are causing disruptions and changing the traditional fabric of the sector.”