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The industry has been devising strategies to make insurance policies more affordable for policyholders. This came out at a vision meeting held last week in Mumbai.
The Life Insurance Council and General Insurance Council organized this vision meeting on August 23 and August 24. IRDAI, insurers, reinsurers and intermediaries attended the meet.
Among some of the key methods to reduce premium amount are leveraging technology and enhancing the role of state insurance plan. Under state insurance plan, IRDAI has asked insurers to increase reach of insurance by adopting districts and gram panchayats.
The participants also deliberated on adopting customer-centric approaches to improve service experience, expedite claim settlements and grievance redressal.
There was discussion on enhancing the efficiency of distribution channels.
The participants have set up a few working groups consisting of primary stakeholders to implement these ideas.