IRDAI urges insurance digital adoption

Industry should look to focus on digital initiatives, regulator in emerging market says

IRDAI urges insurance digital adoption

Insurance News

By Jordan Lynn

The insurance industry in India should focus on digital initiatives to improve market penetration and bottom lines, according to the country’s regulator.

While insurance firms recorded 32% growth in the 2017 fiscal year, firms should look to digital programs to help boost their presence.

At an annual meeting between the Insurance Regulatory and Development Authority of India (IRDAI) and major non-life insurers in the country, held last week, IRDAI chairman TS Vijayan showed a keen interest in the uptake of digital initiatives as more than just a sales and distribution function.

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“Vijayan stressed the regulator’s approach to bring in more transparency and convenience riding on the digital processes,” National Insurance chairman Sanath Kumar told the Times of India.

The meeting reportedly discussed ways to increase the digital footprint of insurers in the country as the industry looks to hit its goal of 20% growth over the coming fiscal year.

“The non-life industry is eyeing a growth of 18-20% in the current fiscal,” General Insurance Council secretary general R Chandrasekaran told the publication. “The industry is looking at implementing various digital initiatives taken by the regulator to increase penetration and to save cost.”

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