The recently concluded fifth edition of Bima Manthan, organized by the Insurance Regulatory and Development Authority of India (Irdai), provided a platform for an in-depth exploration of the insurance industry's performance until the third quarter of the fiscal year 2023-24, according to a recent Irdai press statement. Held over two days on January 23rd and 25th, 2024, in Hyderabad, the event focused on crucial areas such as the availability of affordable insurance products, technological adoption, and regulatory advancements.
Discussions during Bima Manthan delved into the need for affordable and customized insurance solutions for all segments of society. Participants emphasized the importance of diversity in product offerings and leveraging technology, including the India Stack framework, to improve accessibility.
“The fifth edition of Bima Manthan took place over two days on 23rd and 25th January 2024 at Hyderabad. The focal point of this edition centered on a comprehensive exploration of the insurance industry's performance until the third quarter of the fiscal year 2023-24. The discussions ventured into crucial areas, such as the availability of affordable insurance products for each segment of society, the adoption of technology, leveraging the India stack, updates on the state insurance plan, and the movement towards principle-based regulatory architecture,” according to the press statement.
A significant portion of the event was dedicated to examining the progress and challenges within both the life and non-life insurance sectors. Industry stakeholders unanimously acknowledged the necessity of prioritizing insurance awareness and committed to redoubling efforts in this regard. Strategies to enhance health insurance penetration and achieve 100 per cent cashless claims settlement were thoroughly deliberated, reflecting a proactive stance toward addressing industry challenges.
Moreover, discussions extended to improving market conduct practices and ethics, with a focus on prompt claim settlement and resolution of grievances. Efforts to optimize distribution channels, prevent misselling, and expedite the payment of unclaimed amounts were highlighted as areas requiring intensified focus.
The Insurance Information Bureau of India (IIBI) presented various data analytical tools, showcasing the industry's commitment to staying abreast of technological advancements. Furthermore, the progress of the industry under the State Insurance Plan was discussed to bolster the mission of achieving maximum insurance inclusion.
In the concluding session, industry stakeholders provided insights into proposed principle-based regulations, emphasizing the importance of transparency, accountability, and sustainable growth in the regulatory framework.
Overall, according to the Irdai press statement, Bima Manthan 2024 served as a platform for objective discussions on industry trends and challenges, with stakeholders actively engaging in dialogue to drive positive change within the insurance sector.