The Modi Govt. has got thumping majority in the Loksabha Election. The clear mandate from people has put the speculation about economic policies of government to rest.
The Opposition seems to be in tatters and they don’t have any clue about the possible reasons for their decimation all over the country. But one thing is very clear that people has risen above caste based politics which is encouraging sign for the country.
Modi government must be given credit for undertaking massive awareness drive in the insurance sector through its flagship schemes like Suraksha Bima yojana, Jeevan Jyoti Bima yojana, and the latest one Ayushman Bima Yojana. Hopefully the government is likely to continue its reforms in insurance sector. This will also give boost to the existing insurers.
IRDAI has given its approval for hike in third party Insurance premium for Automobile Sector. The third party portfolio continues to reel under losses due to increasing claims in this portfolio. Some standard limit must be set for fixing the third party awards by Courts otherwise this sector will continue to bleed.
The Insurers in India are focusing on adopting technology to provide better underwriting and claims services which is a good sign. This will reduce burden of Insurers, reduce fraud, and help in customer satisfaction.
The POS model is also gaining popularity and more and more Intermediaries are adopting this model to spread insurance in rural and uninsured area.
