Page 47 - Insurance Times February 2024
P. 47
2023 was a watershed year for insurance sector,
but there's more to come
I nnovation in regulatory framework, promotion of ease Insurtech Sector
of doing business while enhancing protection of
According to Vighnesh Shahane, MD and CEO of Ageas
policyholders interests and measures taken to expand
Federal Life Insurance, 2023 reflects on a transformative
the reach of insurance penetration make 2023 a year
to remember in the insurance industry. year. This pivotal year has been characterised by
remarkable achievements, dynamic shifts, and an
unwavering commitment to innovation, customercentricity,
The Insurance Regulatory and Development Authority of and regulatory compliance. A standout force driving this
India (IRDAI) brought multiple reforms, focussing on three evolution is the insurTech sector, which saw significant
prominent themes strengthening the ecosystem,
expansion in 2023, he said.
improving accessibility & reach, and safeguarding
policyholders interest.
Notably, several InsureTech players have played a leading
role in reshaping traditional insurance processes through
Insurance Trinity innovative approaches leveraging technology and data.
The regulator has envisaged three major initiatives Bima
Sugam, a onestop digital platform, Bima Vistar, an all in one B Satishwar MD and CEO, Aegon Life Insurance, identified
affordable insurance cover and Bima Vahak, a womenledfield technology as a catalyst for growth in 2023, among others.
distribution force. Popularly labelled as the `Insurance The industry, leveraging the power of artificial intelligence
Trinity , these initiatives are expected to be gamechanges (AI) and other advanced technologies, transformed
for the insurance industry in the country bridging the existing insurance from a complex necessity to a simple, accessible
gaps in the product design, pricing and distribution. solution tailored to the diverse needs of the Indian
populace, he said.
In terms of insurance penetration, the Lead Insurer Scheme
was a major initiative to achieve expansion of the reach of The adoption of facial analytics and account aggregator
insurance products. A new draft product design norms models represents technological advancements leading to
including a proposal for higher surrender value for nonlinked more empathetic and customerfocused insurance services,
products and lower charges for insurers was also released while also expanding the industrys reach. The IRDAIs
by IRDAI.
The year 2023 saw some marketmoving developments for
the industry including the governments decision to levy tax
on income arising from insurance policies with an
aggregated premium worth ?5 lakh every year, starting April
2023, Sumit Rai, MD and CEO, Edelweiss Tokio Life
Insurance.
There was a sustained emphasis on digitalisation to
reimagine customer and distributor management
processes, Rai said.
The Insurance Times February 2024 43
