Page 40 - Insurance Times May 2023

REPORT

FICCI 22nd Annual Insurance Conference -

12th April, 2023, Mumbai

Outreach Partner : The Insurance Times

Inaugural Session Government has put in place, will be very useful in this
endeavour.
IRDAI Chief Calls for Roadmap for 'Insurance for All
Mr Panda informed the house that in the recent past, three
by 2047'
new insurance companies had been commissioned, two in
Mr Debasish Panda, Chairman, IRDAI delivered the inaugural life and one in general. He added that the new set of
address at FINCON 2023, the 22nd annual insurance regulations are making the insurance sector more attractive
conference organized by Federation of Indian Chambers of for investors and promoters and that insurance companies
should also look at augmenting their own capital. He
pointed out that the regulatory and supervisory
framework is moving to a risk-based framework and
switching over to international financial reporting
standards to help the industry, companies and the
regulator to have a real time risk profile.
Mr Panda underscored the importance of state and
district level coordination for enhancing insurance
penetration. He urged the industry members to use
the vast network of ASHA workers and Aanganwadi
workers etc. to reach the last mile for deeper
penetration and build a relationship of trust which is
paramount in insurance business.
The keynote address was delivered by Mr Siddhartha
Mohanty, MD & In-Charge, Life Insurance Corporation of
Commerce and Industry (FICCI). While addressing the
India. "The last three years had been quite challenging for
industry participants, he called upon all stakeholders to come
all of us," he said, referring to the pandemic and the
together to help achieve the nation's aspiration of providing
lockdown. "Today the world acknowledges the leadership
insurance to every person in India by the year 2047, which
in the way this challenge was handled in India. It gives us
marks 100 years of our Independence.
direction to march in a focused manner towards our goal of
While the insurance industry in India is more than 20 years
'insurance for all' by 2047." He noted that by 2047 India's
old with a total premium of more than Rs 10 lakh crore and
population is projected to reach 2.64 billion which will make
an AUM of Rs 59 lakh crores in FY 2023, the industry had
it the world's most populous nation. "We are already in a
registered 16% growth in both life and non-life products in
critical phase and have to make use of this opportunity".
February 2023. Calling upon the gathering that comprised
According to him, areas of concern are the need to improve
representatives of all major insurance companies to help in
penetration and to achieve greater insurance coverage for
driving penetration, he said, "This is a big responsibility
all customer segments with customer-centric products. "The
which lies with you." He conceded that universal access to
journey will be challenging and exciting," he averred.
insurance is not an easy task. It would be necessary for all
Mr Bhargav Dasgupta, Chairman, FICCI National Committee
intermediate functionaries to come together to reach the
last mile. They would have to make use of technology and on Insurance, welcomed the gathering and Mr Alpesh Shah,
employ better distribution practices. The various platforms Managing Partner, India and Managing Director and Senior
like Bima Sugam, Bima Vistaar and Bima Vahak, that the Partner, BCG, delivered the theme presentation in the
36 May 2023 The Insurance Times