Irdai chief asks insurance firms to underwrite disruptions to grow biz

The insurance regulator has urged the industry to collectively underwrite disruptions in the sector to make the vision of ‘Insurance for All’ a reality way before 2047.

Speaking at the 23rd global conference of actuaries organised by the Institute of Actuaries of India, Insurance Regulatory and Development Authority Chairman (Irdai) Debasish Panda (pictured) said, “It’s time we retrieve our base, firm up our resolve, and collectively underwrite disruptions in the insurance sector and make the vision of insurance for all a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries.”

Artificial intelligence, machine learning, big data, the internet of things, and many more such new technologies are causing disruptions and changing the traditional fabric of the sector.

He also discussed the importance of actuaries as those who drive the growth of the industry by designing products while stating the need to step out of conventional roles and embrace agility. “We also need to the one-size-fits-all approach.

I’d expect each one of you to be a more proactive leader in driving this sector to its new heights, and this cannot happen till we embrace disruptions in its entirety,” Panda added.

Irdai chief also spoke about changing customer needs where today’s customers do not hesitate from sharing information in exchange for personal experiences and that companies which are operating purely on traditional sides will find it difficult to survive against those using market intelligence.