The Insurance Regulatory and Development Authority of India (IRDAI), as well as the industry, have gone to great lengths to raise awareness of the need for adequate insurance coverage.
However, it was the pandemic that set the wheels in motion, and now it’s up to the insurance industry to maintain the momentum around insurance awareness, experts say.
As India marks National Insurance Awareness Day on June 28, CNBC-TV18 spoke with Bhargav Dasgupta, Chairman of FICCI Committee on Insurance; Ritesh Kumar, co-chair of the FICCI committee on insurance; Prashant Tripathy, co-chairman of the FICCI committee on insurance; and Mayank Bathwal, Co-Chair of the FICCI Working Group on Health Insurance, to discuss the way forward for the insurance industry.
Tripathy said a lot of work needs to be done to raise awareness of the need for insurance.
“To get insurance going, the first thing is awareness. Global awareness of what insurance is and how it serves and why it is needed is something where there is a lot of work to be done.
He added that the insurance industry needs to focus on improving product category and distribution to reach smaller towns and villages more economically.
“Government programs like Pradhan Mantri Jeevan Jyoti Bima Yojana are driving insurance penetration quite quickly, but bigger things have to come from life insurance in terms of what needs to be sold, how do we build our distribution so that we can reach small towns, villages in a more economical way, etc.
Watch the video to learn more.