Mumbai : Flexibility is important for spreading of insurance, along with right product and changing technology in order to achieve the five times growth in the insurance sector, said Insurance Regulatory and Development Authority of India (IRDAI) Chairman T S Vijayan. He added that it is not difficult to achieve five times growth in this decade.
“Linking the products to Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Insurance Schemes like Jeevan Jyoti Bima Yojana, Suraksha Bima Yojana and Fasal Bima Yojana would be key to achieve five times growth in the next 10 years,” he said this during a CII event.
Vijayan also highlighted that there is a huge gender bias seen in the mass insurance issued. “One gender is dominating. About 80-85 % policies are taken up by one gender, this is one area we need to focus on. One need to think whether the female population, about 50 per cent of the population should be equal part of insurance and what type of polices can be sold and how the need can be generated for that type of policies.”
He also added that changes are taking place in the insurance space. But, there is a lag in catching up to those changes. He elaborated up on KYC (Know Your Customer) and the leverage it offers. He stated that there would be a central KYC mechanism that would come up in the insurance sector. “Besides leveraging the data available with the all the government agencies like various registration authorities, Aadhar and financial sector KYC registries would expand the reach of the industry phenomenally,” Vijayan said.