New Delhi: The Insurance Regulatory and Development Authority of India (Irdai) has urged companies to devise strategies for offering affordable insurance products to meet the “insurance for all” goal by 2047, TOI reported.
The initiative comes in response to the high premiums in health insurance, which are causing many senior citizens to opt out due to affordability issues.
The insurance councils conducted a “Insurance for All” vision meet on Friday and Saturday in Mumbai, setting the stage for the 2047 insurance goal. A primary focus was on defining the “insurance for all” concept and creating mechanisms to measure and monitor progress.
One proposal discussed at the meeting was increasing the diversity of providers to introduce a broader range of insurance products, thus promoting competition and lowering prices. Another suggestion was to widen distribution channels to make insurance more accessible, especially in underserved regions.
Companies proposed leveraging Insurtech to streamline operations, reduce administrative costs, and enhance efficiency. They suggested that these savings could be transferred to consumers in the form of lower premiums.
Participants emphasized the need for strengthening the state insurance plan is crucial for making insurance more affordable.
(With TOI inputs)
