The third wave of omicron peaked in India in 2022 but the impact was less this time as the symptoms were mild and did not require hospitalization. But overall, the covid has severely impacted the business around the world.
LIC is finally going to be partially controlled by the people who become the share holders of the LICI. It is slated to be one of the biggest IPO in Indian history. Hopefully the issue would be fully subscribed. This will also increase the responsibility of LICI towards the investors.
IRDAI even after 8-9 months is headless which is quite surprising. Govt could not find a successor to lead the regulator. At this crucial juncture when LIC IPO is also underway, industry is dealing with after impact of covid and industry needs sound regulations, Govt should appoint the chairman without any delay.
IRDAI should relax the guidelines for Insurance Brokers. Currently there are only 400 odd insurance brokers in India which is quite less compared to the developed countries. The stringent regulation in granting licenseis a roadblock for entry of new players. Also IRDAI needs to make the portal for Insurance Brokers more customer friendly. Currently IRDAI bap portal is quite complicated and often it creates issues in submission of reports.
IIISLA should also be given more powers to self regulate with minimal regulatory interference. Insurance Surveyors are one of the integral part of the claim settlement process and they should be given due recognition.
Technology is catching up fast in the Insurance Industry with more and more people buying the policies online. This will also reduce acquisition cost and better after sales service.
