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Informist, Tuesday, Oct. 22, 2024

 

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--LIC MD: Need more distributors to maximise insurance coverage 
--CONTEXT: Comments by LIC MD, CEO Mohanty at Insurance & Pensions Summit 
--LIC MD: Current distribution channels have their limitations 
--IRDAI Panda: Insurance cos must introduce pdts catering to modern needs 
--IRDAI Panda:Insurers must manage operating expenses to bring out more pdts
--IRDAI Panda: Insurance process for customers must be simple, hassle-free 
--CONTEXT: Comments by IRDAI Chairman Panda at Insurance & Pensions Summit

 

MUMBAI - There is a need for more distributors to maximise insurance coverage, Life Insurance Corp. of India's Managing Director Siddhartha Mohanty said at the Insurance and Pensions Summit on Tuesday.

 

"Opening of distribution channels on newer modes of distribution is an emerging need to maximise insurance penetration and as well as insurance coverage," he said.

 

Mohanty said this will increase the spectrum of insurance products which will cater to customers' needs. He also said the industry must rethink the distribution and marketing of insurance products. 

 

"Current models such as agents, brokers and banca (bancassurance), have been effective but have their own limitations to reach the rural and underserved markets. The future lies in opening new and innovative distribution channels," he said.

 

He said the insurance industry must collaborate with non-traditional players such as telecom companies, financial technology companies and e-commerce platforms to expand outreach. 

 

Speaking at the Insurance and Pensions Summit, Insurance Regulatory and Development Authority of India Chairman Debasish Panda urged insurance players to cater to modern needs. "Renewable energy, digital assets, climate change, healthcare technology, among others are presently untapped markets. Insurers can stay relevant by developing products for these sectors, further driving insurance penetration to the underserved areas. So now is the time for the insurers to seize this golden opportunity by creating products that cater to the modern needs," Panda said.

 

He also said insurance companies must reduce their operating expenses in order to bring out more products. "...by managing operational expenses more efficiently, insurers can push innovative products also into the markets. This would not only
enhance the customer choice but also drive competition within the sector," Panda said.

 

Mohanty said that while the insurance sector must use technology, they need to be mindful of cyber threats and data breaches. "Protecting sensitive customer information must be a top priority for the insurance sector as it expands its digital footprint." 

 

Panda said that in order to build trust and transparency in customers for the insurance sector, he reiterated that insurance products should be simple and hassle-free.  End

 

Reported by Kshipra Petkar

Edited by Vidhi Verma

 

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