Page 11 - Insurance Times July 2021

applications though they are in the rank 80 per cent of the claims getting settled the pandemic to design new policies to
of additional secretary. as far as medical insurance or cater to the demand of new and
There are two candidates from the hospitalisation is concerned," Insurance unprecedented situations, Alamelu
private sector insurance industry. Regulatory and Development Authority said.
of India (IRDAI) member (Non-life) T L
Rajesh Relhan, former MD & CEO, PNB The insurance industry has a
Alamelu said.
Metlife India and S Gopalarathnam, tremendous responsibility to offer
former MD of Cholamandalam MS She was speaking at the 13th Global protection plans, Alamelu said, adding
General Insurance have applied. Insurance e-summit organised by that sector players need to be
Assocham. As far as death claims are aggressive in selling insurance products
The last date for the application was
May 29. While the IRDAI post has fallen concerned, which are handled by the because the Covid-19 pandemic has
vacant after Subhash C Khuntia, a life insurers, about 55,276 claims have proved that having insurance cover is
been intimated. Of that, around 88 per no longer an option. Addressing the
former chief secretary of Karnataka,
ended his three-year term on May 6, cent or 48,484 claims amounting to Rs summit, Managing Director Vipin
3,593 crore have already been settled, Anand said the insurance industry has
the selection process is likely to take a
couple of months. she said. helped the country's economy stay
Alamelu said the repudiated claim for afloat during the current times.
According to sources, there are no
applications from the public sector health insurance is around 4 per cent "The overall growth rate of 9.2 per cent
companies as none of the managing and in life it is nearly 0.66 per cent. in new premium, including a healthy
directors of LIC and CMDs of the non-life Speaking on the occasion, ministry of growth of 11.2 per cent in the life
companies are eligible to apply due to finance joint secretary Saurabh Mishra insurance sector has demonstrated the
the eligibility criteria that only officials said that digitalisation is one factor that resilience of the industry," he said.
in the rank of Secretary, Government of has contributed to the resilience of non- The industry has shown great agility in
India, are eligible to apply. life as well as to a great extent in life adopting technology extensively during
businesses in every sphere of activity the pandemic, he said. Anand said with
However, industry observers have from distribution and sales to post-sales.
pointed out that eligibility criteria has large uninsured population in the
been favourable to private sector "In the new normal of technology, it is country, there is a need for three million
not just an important element for us to more agents to provide life insurance
professionals as any CEO of a private
drive it out but is going to play pivotal over a period of five years.
sector financial institution with 30 years'
role in transforming the insurance In response to a question on listing of
experience can apply for the top IRDAI
job while an MD of LIC or a CMD of public businesses to make them more digital LIC, Anand said insurance is a capital-
sector general insurer can't do that as and customer-centric, cutting across intensive industry and funds are very
he/she is not a secretary-rank official. every sphere of customer experience - important for the sector's expansion.
claims efficiency, fraud proofing etc,"
"For solvency margin requirements, it
Mishra said.
Insurance companies is necessary that capital should come
According to Alamelu, life and non-life in. Also the government, as the only
settle over 15.39 lakh insurers have managed well despite the shareholders (of LIC) for so many years,
Covid health claims as on pandemic as they ended the year 2020- has constantly supported us. There are
21 with a growth of about 9 per cent. expectations of the Indian government
June 22: IRDAI member In April and May this year, the industry and, through them, that of the Indian
Insurance companies have settled 80 has seen a growth of about 7 per cent, public to be a part of this success and
per cent or 15.39 lakh Covid-19 health she added. benefit from it," Anand said.
claims amounting to Rs 15,000 crore as
"In the next five years, the industry can Commenting on increasing of foreign
on June 22, an member said. easily grow well at 40-50 per cent, to investment limit in the insurance sector
Insurance players have received about be extremely optimistic if things settle to 74 per cent, Kotak Mahindra Life
19.11 lakh Covid-19 health claims so far. down. And even if they have not settled Insurance Managing Director and CEO
down, it should grow at 25-30 per
"Of the 19,11,384 Covid health claims Mahesh Balasubramanian said the step
cent," she said.
reported as on June 22, 15,39,434 have will definitely open up one more option
already been settled for an amount over The insurance industry and the sector and opportunity for getting capital into
Rs 15,000 crore. This represents about regulator have worked together during the country. T

The Insurance Times, July 2021 11