In the intricate realm of insurance, each policy is a promise – a promise to shield against uncertainties, to provide a safety net in times of need. Although this message is very clear and simple still it takes lot of efforts to convince people to buy insurance. Insurance being a long term contract, its fruits are visible only after happening of any event in future.
The landscape of insurance in India is vast, yet the penetration remains a challenge. We address the barriers that hinder widespread adoption — from misconceptions to accessibility issues. Bridging these gaps is not just a goal but a responsibility, and we delve into the strategies to make insurance a cornerstone of financial planning for the masses.
Risk is inherent, but the ability to manage it is an art. We emphasize the need to cultivate a risk management culture, both in individual mind-sets and corporate strategies. From educating individuals about the importance of coverage to guiding businesses in robust risk management practices, we should unravel the threads that weave a resilient society.
Insurance is no longer confined to traditional structures. Our exploration of the industry’s latest trends brings forth a wave of innovation — from parametric insurance to on-demand coverage. Constant innovation of products adapting the changing environment is must. Products also needs to evolve as per the changing demands, trends and preferences.
The Insurance regulator needs to take a proactive approach towards the existing challenges and design future roadmap to achieve the objective of Insurance for All by 2047. Insurance Regulator must be approachable with a help desk to listen to the problems of the stakeholders. A separate PR department needs to be setup at head office as well as Metro cities where customers, advisors and other stakeholders can come voice their concerns. We get lot of feedback that mails sent to IRDAI, is most of the times non responsive. IRDAI should address all the issues in a time bound manner.
