MUMBAI: As India strives towards achieving universal insurance coverage by 2047, the insurance regulator IRDAI is pushing for innovative strategies to make insurance more affordable and accessible.
With rising health insurance premiums forcing many seniors to drop out, the sector faces an urgent need to rethink its approach.
Insurance for all
A key take-away from the recent “Insurance for All” vision meet in Mumbai was the emphasis on harnessing Insurtech—a blend of insurance and technology. Insurtech promises to streamline operations, reduce overheads, and introduce smart, data-driven solutions that can drastically cut costs.
By leveraging AI and machine learning, companies can develop more personalised products, ensuring that insurance is not just accessible but also tailored to the specific needs of diverse demographic groups, including the elderly.
Public-private partnership
Moreover, the discussion highlighted the potential of public-private partnerships to bolster state insurance plans, enhancing affordability and reach. These collaborations could see the integration of government-backed schemes with private sector efficiency, providing a safety net for those who are currently underserved.
Another idea gaining traction is expanding the diversity of insurance providers. By encouraging new entrants and fostering competition, the market could see a broader range of products and more competitive pricing, making insurance a viable option for a larger portion of the population.
In essence, the future of insurance in India may well hinge on the industry’s ability to innovate and collaborate, ensuring that by 2047, every Indian has access to affordable and comprehensive coverage.
