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56 India Insurance Report - Series II

g) As proposed by the regulator, Bima Trinity can be the actual trigger to the growth. If nurtured well,
Bima Trinity can also help sustain the insurance business in days to come.

h) Revival of Mutuals as insurance companies can be a game changer in promoting micro-insurance to
the nooks and corners of the country with community participation.

i) A customer-centric initiative like CIS( Customer Information Sheets) – which provides key policy
details in a summarised format to health insurance purchasers as envisaged by the regulator, will go
along way to reduce the prevailing trust deficit.

j) The initiative, such as 100% cashless settlement for all medical expenses,, will help sustain the
anticipated growth.

References:

1. World Health Organisation. (2021). WHO ACT-ACCELERATOR APPEAL

2. IRDAI. (2022). IRDAI Annual Report 2021-22

3. OECD (2023), OECD Labour Force Statistics 2022, OECD Publishing, Paris