Page 11 - Insurance Times March 2024

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Go Digit IPO gets IRDAI go- come a thing of past due to the radical
IRDAI proposes revising technology-driven changes taking place
ahead
coverage to increase in- in the industry.
The insurance regulator has approved
surance penetration Go Digit's plan for a public share sale, It's time we retrieve our base, firm up
our resolve and collectively underwrite
The Insurance Regulatory and De- two people aware of the development
velopment Authority of India said, after faulting the digital insurer disruptions in the insurance sector and
make the vision of 'insurance for all' a
(IRDAI) has proposed raising man- last year over a nondisclosure.
reality by 2047. In this process, the role
datory coverage under Rural, So- IRDAI clears one key hurdle for the
cial Sector and Motor Third Party Fairfax-backed company on the road to of the actuary becomes paramount.
Obligations' norms in an effort to its 1,250 crore initial public offering The disruptions in the insurance sector
cannot happen without the support of
achieve the objective of "insurance (IPO). actuaries, Panda said at the 23rd glo-
for all".
The company is now waiting for ap- bal conference of actuaries organized
In the exposure draft of Rural, So- proval from the Securities and Exchange by the Institute of Actuaries of India
cial Sector and Motor Third Party Board of India (SEBI) for the initial pub- here.
Obligations Regulations, 2024, the lic offering (IPO), the people cited "There is a need to come out of the tra-
IRDAI said that a new strategy and above said on condition of anonymity, ditional and conventional roles and
fresh approach have been devised adding that they expect approval soon embrace dynamism and agility and also
to boost insurance penetration in enough. there is a need to see the sector from a
the country.
different lens," he said, acknowledging
The minimum number of lives to be Underwrite disruptions to the role of actuaries in designing the
covered by all life insurers, in all improve market penetra- insurance products and drive the
gram panchayats and India will be growth of the sector.
30 per cent in each gram panchayat tion: IRDAI chief to insur- With over 850 million internet users and
subject to a minimum of 25,000 ance players 750 million smartphone users in the
gram panchayats as driven by the
Insurance players need to underwrite country, every click, every keyboard
lead insurer in the first year. This disruptions to make the vision of 'insur- button press, swipe or tap is generat-
increases to 40 per cent lives sub-
ance for all' a reality by 2047, regulator ing data.
ject to a minimum 50,000 gram
IRDAI's chief Debasish Panda said.
panchayats and 50 per cent lives These digital footprints are available
subject to a minimum of 75,000 The chairman of the Insurance Regula- and most importantly, customers do not
gram panchayats in year 2 and 3 tory and Development Authority of In- shy away from sharing information in
respectively. dia (IRDAI) also emphasised that the exchange of personalised experiences,
approach of 'one-size-fits-all' has be- he said.

The Insurance Times March 2024 11