IRDAI has issued a Press Release dated May 31, 2022 (Press Release) that summaries the discussions held on May 30, 2022 at the conference on ‘InsurTech – Catalyst that Inspires’ at Bengaluru.
Shri Debashish Panda, Chairman IRDAI while addressing the leaders from insurance and InsurTech Community discussed upon the following areas:
- Readiness of IRDAI to adopt, enable and encourage any technological innovations in insurance ecosystem while ensuring protection of the interest of the policyholders
- Use of technology to cater the needs of low-income population, vulnerable sections, calamity-prone regions, MSMEs, Millennial population
- Need to leverage the data points from the various sources to enhance the underwriting process, improve claims experience for customers, design embedded insurance products, or value-added services
- Initiatives taken by IRDAI on technological front like revamping the Regulatory Sandbox, tech-lead encouragement in micro-insurance, crop-insurance, Ayushman Bharat Mission. etc.
The conference concluded with discussion on changes required in framework related to InsurTech, role of value-added services, and using InsurTech to cater the needs for underserved and disempowered
Action plan of IRDAI:
- IRDAI is open for a two-way dialogue and encourage innovative technological solutions to meet the objectives of last mile coverage and providing financial security to all Indians through insurance.
Source category: IRDAI
Attachments
- /2022/47_2022-05-31_InsurTech_-_Catalyst_that_Inspires.pdf
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