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To increase market penetration, the head of IRDAI requests that insurance companies underwrite disruptions

<p>Debasish Panda, the chairman of the regulatory body IRDAI, said on Tuesday that in order to achieve the goal of “insurance for all” by 2047, insurance companies must cover disruptions.</p>
<p><img decoding=”async” class=”alignnone wp-image-403691″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-to-increase-market-penetration-the-head-of-irdai-requests-that-insurance-companies.jpg” alt=”theindiaprint.com to increase market penetration the head of irdai requests that insurance companies” width=”1007″ height=”671″ title=”To increase market penetration, the head of IRDAI requests that insurance companies underwrite disruptions 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-to-increase-market-penetration-the-head-of-irdai-requests-that-insurance-companies.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-to-increase-market-penetration-the-head-of-irdai-requests-that-insurance-companies-150×100.jpg 150w” sizes=”(max-width: 1007px) 100vw, 1007px” /></p>
<p>The Insurance Regulatory and Development Authority of India (IRDAI) chairman emphasized that the business has undergone drastic changes driven by technology, making the “one-size-fits-all” strategy obsolete.</p>
<p>It’s time to get back on track, strengthen our determination, and work together to cover industry changes so that by 2047, the goal of “insurance for all” will have been realized. The actuary’s function becomes crucial in this process. At the 23rd worldwide conference of actuaries, which was hosted by the Institute of Actuaries of India here, Panda said that the disruptions in the insurance industry would not be possible without the assistance of actuaries.</p>
<p>He acknowledged the significance of actuaries in creating insurance products and propelling the industry’s expansion, saying, “There is a need to come out of the traditional and conventional roles and embrace dynamism and agility as well as there is a need to see the sector from a different lens.”</p>
<p>Every click, keystroke, swipe, and touch among the nation’s 850 million internet users and 750 million smartphone users generates data. He said that these digital footprints are accessible and, more significantly, that modern consumers are not hesitant to provide information in return for customized experiences.</p>
<p>Therefore, he added, it would be challenging for any insurance business that just operates on the conventional side to compete with those who have anticipated client demands and are able to provide the appropriate product via the right channel to the right customer.</p>
<p>He said that today’s blockchain-enabled smart contracts allow insurance debt to be settled in a matter of seconds and that data analytics has improved the efficacy of fraud detection.</p>
<p>The chairman said that big data, artificial intelligence, machine learning, the internet of things (IoT), and many other emerging technologies are upending the industry’s established structure and producing upheavals.</p>

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