The Insurance Regulatory and Development Authority of India (IRDAI) hosted the fourth edition of Bima Manthan on September 4 and 5, 2023. This event saw the CEOs of India's insurance and reinsurance companies convene at the IRDAI Headquarters, underlining the significance of continued dialogue within the insurance sector.
The central theme of the meeting revolved around propelling the growth and development of insurance in India with a resolute commitment to achieving
'Insurance for All by 2047'. Throughout the two-day event, participants engaged in discussions, presentations, and dialogues aimed at identifying practical solutions to reach the last mile of insurance accessibility.
Key highlights of the discussions included strategies to tap growth opportunities in the insurance sector, addressing emerging risks, innovative product development, bridging protection gaps, revamping distribution approaches, and the pivotal role of technology in expanding insurance access.
One noteworthy aspect was the focus on the State Insurance Plan (SIP), designed to expand
insurance access across states and Union Territories. The detailed deliberations underscored the importance of SIP as a major enabler in reaching underserved populations.
Additionally, participants delved into the progress made towards the implementation of Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF), and International Financial Reporting Standards (IFRS). The industry exhibited strong enthusiasm and commitment to transitioning into a future-ready, principle-based architecture.
Emphasis was also placed on ensuring the availability, accessibility, and affordability of
insurance. In this context, discussions explored the need for diverse insurance products to cater to dynamic requirements and the importance of expanding the geographical presence of insurance companies while enhancing distribution strategies.
The CEOs of Micro Finance Institutions Network (MFIN) and Sa-Dhan, the Self-Regulatory Organizations registered with Reserve Bank of India (RBI) also interacted with the insurance industry offering perspective on financial inclusion, micro insurance and focused on synergies that can be shared between the wide network of MFIs, NBFC, SFBs, etc. and insurance industry.
They also threw light upon the market they cater to and the ways in which insurers can harness it to increase insurance penetration in the country.
The meeting reaffirmed the collective commitment of the insurance and reinsurance sector to advancing the industry's standards, promoting innovation, and ensuring that insurance remains a vital tool for risk mitigation and financial security.
(Edited by : Anshul)
First Published: Sept 6, 2023 1:17 PM IST
