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IRDAI said that insurance industry is on course to grow at a healthy rate of 18% in FY 2022-23 having already recorded 18% between April and January 2023.
While life insurance industry is growing at 18% rate, non-life industry has recorded 17% growth till January 2023, said IRDAI.
IRDAI said this during 2-day- long event ‘Bima Manthan’ held in Hyderabad. Among other key discussion points were:
- Expanding distribution outreach by integrating technology
- Leveraging government database to expand regulatory outreach
- Increasing awareness of insurance with the help of state governments
- Introducing advanced data analytical tools like Bima Satark - a fraud detection tool
- Encouraging cashless claim settlement