Minister of State for Finance and Corporate Affairs Anurag Thakur on Friday said that India has a vibrant insurance industry that has spearheaded the government’s policy of insuring the uninsured. “The industry has gradually pushed insurance penetration in the country and proliferation of insurance schemes,” Mr Thakur said while addressing the 21st edition of annual insurance conference FINCON, organised by FICCI. “Whether it’s Pradhan Mantri Fasal Bima Yojana, Ayushman Bharat Pradhan Mantri Jan-Arogya Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, or innovative insurance products like ‘Arogya Sanjeevani’ and ‘Corona Kavach’, by partnering together, we have brought ease of living for our people,” he added.
Mr Thakur said that the post-COVID world will be very different and India’s insurance sector must gear up to seize the moment.
“While the government accelerates Ease of Doing Business, the insurance companies should work towards bringing Ease of Claims by making it painless. A seamless process will further help dispel the impression that the insurance companies may not own up to claims swiftly. This single step will boost customer confidence and help insurance companies penetrate the market,” he added.
“There was a time when passport issuance and renewable was possible only at Passport Kendras, today one can easily get this done at the stipulated Post Offices. The Insurance sector too must explore new ways of outreach,” said Mr Thakur.
“The government has come out with several schemes with a low premium and in the rural areas, these products might be a better fit. “No two states and sectors in India are the same, a blanket approach will not work.”
“Insurance companies must further adopt digitalization, log onto platforms used by various segments, and emphasize on trust-building. Globally, we must look at best practices and benchmarks, adopt and adjust them for the Indian customer,” Mr Thakur said.
“My assurance to the insurance industry, that we will work with you to unleash the potential of this sector to create more employment, provide innovative products and building a culture of risk management in the country,” he added.
Industry body FICCI’s Insurance Industry Awards 2020 were also announced earlier in the day and the winning companies were presented the awards in the presence of Mr Thakur.