Insurance firms must adhere to best practices for customers: Regulator

IRDAI discusses issues related to expanding insurance, technology and collaborations

The insurance regulator has asked companies to adhere to ethical practices when selling products and ensure customers’ interests are protected.

Debasish Panda, chairman of the Insurance Regulatory and Development Authority (IRDAI), made these points at the fifth edition of Bima Manthan conference held in Hyderabad on Thursday when he addressed industry chief executive officers and discussed major segments and opportunities.

The discussions were on improving the efficiency of distribution channels, stopping mis-selling and force selling, and intensifying efforts for payments. The key focus of the conference was reviewing the insurance industry’s performance till the third quarter of Financial Year 2023-24.

Participants also discussed availability of affordable insurance products for all segments of the society, adopting technology, leveraging the India Stack, updates on the State Insurance Plan, and the movement towards principle based regulatory architecture, said IRDAI.

Industry executives said that they are committed to redoubling efforts for affordable, customised, and diverse products. They acknowledged the value of databases and collaborations to broaden their outreach.

About health insurance, the conference discussed the goal of achieving 100 per cent cashless claims settlement and implementing a common empanelment system for network providers.

It also discussed expanding health insurance in the country and the swift implementation of awards decided by the insurance ombudsman.

The Insurance Information Bureau of India, the sectoral data repository, presented various data analytical tools, reinforcing the industry's commitment to staying abreast of technological advancements. The mission of achieving maximum insurance inclusion received further impetus through deliberations, said IRDAI.

Industry stakeholders gave their views on the proposed principle-based regulations as well.