10-05-2021
Insurance sector on cusp of transformation: Ex-IRDAI chief
Insurance AlertssInsurance sector on cusp of transformation: Ex-IRDAI chief
Hyderabad: In his final letter to the heads of insurance companies as the Insurance Regulatory and Development Authority of India (IRDAI) chairman, SC Khuntia, who retired on May 6, said the insurance sector is on the cusp of transformation.
The reason, according to him, is that the country has a younger population, potential of high economic growth improving affordability and relatively low level of insurance penetration that offers a massive opportunity for growth of the insurance sector in the country.
“All the stakeholders need to work together to create awareness about the need for protection and for higher levels of customer engagement throughout the insurance life cycle for enhanced customer satisfaction,” he said.
Khuntia said that Indian capability in the IT and IT-enabled services sector will further accentuate the potential growth of the Indian insurance sector as well. He pointed out that the emerging risks arising out of global climate change and cyber-risks will have to be addressed by insurance players.
Along with offering risk protection, the former IRDAI chief also advised insurers to concentrate on ‘prevention of risk’ and continuous engagement with policyholder.
