The IRDAI Chairman, Debasish Panda, revealed a three-pronged approach for achieving “Insurance for All by 2047.” With India’s 100 years of independence approaching, the IRDAI aims to enhance insurance accessibility, availability, and affordability.
Panda mentioned plans to create a transformative moment for the insurance sector, similar to the Unified Payments Interface (UPI), through the Bhima trinity: Bhima Sugam, Bhima Vistar, and Bhima Vahak for women.
The IRDAI is shifting from a rule-based to a principle-based approach, attracting investment due to India’s vast market size and low insurance penetration.
In the past year, the IRDAI implemented reforms to simplify regulations, reduce prior approvals, and promote technology adoption. These reforms foster business ease, competition, and technological advancements in the insurance industry.
Panda recognized technology’s impact on insurance, citing the use of big data, AI, and ML. He expressed optimism about India’s economic growth, demographics, and market potential, dubbing it the India Century.
