Page 55 - WOW Magazine Dec22_V04

Regulatory Updates

‘INSURANCE FOR ALL BY 2047’

State Level Insurance Plan – State Lead Insurer - SUD Life – Jharkhand & Goa

There is a lack of a comprehensive model for insurance inclusion and development in the country. Insurance services
are yet to reach a large section of the population living in semi-urban, rural areas of the country. Insurance penetration
in the country stood at 4.2% of GDP at the end of the year 2021-22. In comparison to the southeast Asian countries like
Singapore, Thailand, Malaysia, India is yet to tap into its potential insurance markets.
A joint effort from insurance companies, state authorities and direct participation of officials from IRDAI is envisaged to
drive the agenda of the plan. State specific insurance profiles based on a proposed set of parameters may help bridge
the gap between the insured and uninsured population while improving the overall quality of insurance services offered.
All the stakeholders involved in this proposed approach are envisaged to have vital roles to bring about effective
implementation of the plan. The approach may be implemented in phases starting with creation of individual state
insurance profiles and developing an insurance inclusion plan in accordance with the profile. The effectiveness of the
approach may be monitored by way of continual assessment of performance of each state based on the proposed set
of parameters.

IRDAI, has hence proposed a State Insurance Plan, which is intended to accelerate last-mile delivery of insurance
services while utilizing the unique opportunities offered by each state.
Accordingly, SUD Life has been assigned the state of Jharkhand and Goa, with the objective of driving the need for
Insurance through a variety of methods and initiatives, right from Education, Training, and making the tools available at
their doorsteps to increase awareness and penetration.
In discussion with IRDAI, below two SUD Life employees have been identified as Single Point of Contact (SPOC) for this
project for on-ground support, guidance, and execution.

• Mr Devendra Pathak - Jharkhand
• Mr Anirudha Deshmukh - Goa

SUD Life has prepared a strategic plan to address all the requirements and needs to increase awareness and
penetration in the States.

• 4 Pillar Strategic Model: The success of the initiative depends on
- Banks – Utilize the Bank network (BOI which is also the State Lead Banker for Jharkhand) and other banks to
spread the awareness and collect information

- Government – The existing Government machinery at the district level (with support from the State) to be
utilized for executing the plans. The Marketing plan is drawn keeping in mind the structure and accordingly
activities like, Nukkad Natak (street plays), Poster in offices, Patwari (Village level) meetings with Sarpanch
and lady officers.
- Insurance Information Bureau of India (IIB) & Data – Currently in discussion with IIB on collecting District wise,
Pincode wise existing coverage thereby giving us enough data point to apply concerted efforts
- Insurance Companies – IRDAI has communicated with other Insurance companies to liaison with SUD Life for
Jharkhand and Goa. Utilize this opportunity to connect with all companies at appropriate forum and collect
info/data regarding the progress

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