The IRDAI Chairman further said that the agents can play a key role in making ‘Insurance for all by 2047’ a reality. He was speaking at the recently held FICCI summit.
Panda said, “We all know that insurance can protect us to weather the storm of unexpected events. It can actually rebuild the life of people after a disaster and provide a sense of security. But the question is how do we reach out to large number of people with this message. Simply by talking in forums like these, insurance awareness hona chahiye, it will not happen. We need to connect with the last mile. And who are ones who can do it? To my mind, the entire set of intermediaries including individual agents and institutional intermediaries, who are in touch with people can take insurance to the last mile. Even if they are not able to sell policies, they reach out to people with the message that how insurance is useful and important for family.”
The IRDAI Chairman said that universal access to insurance is not an easy task. It would be necessary for all intermediate functionaries to come together to reach the last mile. They would have to make use of technology and employ better distribution practices.
Further, IRDAI has urged the insurance industry to leverage the network of Patwaris, Asha workers and Anganwadi workers to distribute insurance policies and increase insurance penetration in India.
Panda said that the industry should reach out to state governments and channels like self help groups, NGOs to spread awareness about insurance.
He further said that while the insurance industry in India is more than 20 years old with a total premium of more than Rs.10 lakh crore and an AUM of Rs.59 lakh crores in FY 2023, the industry registered 16% growth in both life and non-life products in February 2023.
Panda informed that in the recent past, IRDAI has given approval to three new insurance companies, two in life and one in general. He added that the new set of regulations are making the insurance sector more attractive for investors and promoters and that insurance companies should also look at augmenting their own capital.
