IRDAI chief asks insurance players to underwrite disruptions to improve market penetration
IRDAI chief asks insurance players to underwrite disruptions to improve market penetration
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | February 14, 2024 | Economy
Syllabus: GS- III
Subject: Economy
Topic: Financial markets
Issue: IRDAI; insurance sector in India
Context: The chairman of the IRDAI said that the approach of ‘one-size-fits-all’ has outdated due to the radical technology-driven changes taking place in the insurance industry.
+1 Advantage for Mains:
Reforms to be taken in Insurance sector:
- To revolutionize the insurance sector and achieve the goal of ‘insurance for all’ by 2047.
- Data-driven insights essential.
- Use of technologies such as
- block chain-enabled smart contracts,
- data analytics for fraud detection,
- artificial intelligence, machine learning,
- big data, and the Internet of Things (IoT) in reshaping the insurance sector.
Prelims Connect:
| IRDAI:
· Insurance Regulatory Development Authority (IRDA) is a statutory body set up by the IRDA Act, 1999 · Objective: overall supervision and development of the Insurance sector in India. · It is responsible for registering and/or licensing insurance, reinsurance companies and intermediaries. · Head Office is located at Hyderabad. Entities regulated by IRDAI: o Life Insurance Companies o General Insurance. o Re-Insurance Companies o Agency Channel |
Source: The Hindu
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