BIMTECH along with Federation of Afro –Asian Insurers & Reinsurers (FAIR) organized a seminar on the theme “Capitalizing on the Emerging Trends in Insurance In Afro- Asian Region : In Quest of Profitable and Sustainable Growth in Noida recently. Speakers and Delegates from Egypt, Iran, Bangladesh and other countries attended the conference. Most of the people were of the opinion that a lot more needs to be done to bridge the protection gap by increasing awareness, launching more innovative products, introduction of technology, delivering effective customer service etc.
The penetration of Insurance in Afro Asian Countries is still poor and sustained efforts are needed to reach out to the masses.
Life and Non life Insurance Industry marked an upward trend in premium collection for year ended 2018-19 which is satisfactory.
Online Insurance marketing trend is going upward along with online claim settlement since the online transactions are less costly and involve less hassles in compliance.
IRDAI has asked Health Insurance Providers to enhance their scope of ailment coverage for Cancer as well as existing diseases in order to cover more and more people in Health Insurance net.
The Ayushman Bharat scheme if implemented properly can be a game changer. Just the cost aspects needs to be controlled by proper monitoring so that the claims ratio does not escalate and the scheme is feasible.
Insurtech is progressing very fast in India with more and more companies adopting technology to provide better customer experience in the whole value chain of Insurance purchase and sales.
