TS Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDAI) recently mentioned that facilitating growth in the context of increasing focus on digital transactions would be a challenge.He stated that the industry will face challenges as more and more technology is deployed.
Referring a scenario, he said, by adopting technology such as analytics and big data, product customisation can be done. “Pricing will be better and products will be better. So, adopting it (technology) is going to be increasingly important,” he said.
Referring to the industry situation, he said, it was “active and lively” with double-digit growth in 2016-17, which saw about Rs. 4 lakh crore and Rs. 1.27 lakh crore in premium collection in the life and non-life insurance segments, respectively.The general growth in the economy, he said, will also drive expansion of the insurance market across the life, health and motor segments.
Demonetisation, GST, and focus on Aadhaar were leading to formalisation of the insurance sector which, Vijayan said, is a ‘good development’.According to Vijayan, schemes like Pradhan Mantri Jeevan Jyothi and Suraksha Bima Yojana, Fasal Bima Yojana would be adding tto insurance penetration. Earlier, he was given a standing ovation by the over 300-strong audience at the conference venue for his contribution to the industry as a regulator.
