Irdai boss signals faster regulatory reforms to boost insurance penetration

Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable

Irdai chief Debashish Panda said on Friday that regulatory reforms and technology innovation like sand boxes would be expedited to increase insurance penetration and density.

Addressing the BimaLokpal day, Panda emphasised on three As -- awareness, accessibility and affordability -- as well as new technology platforms -- beema sugam and beema bharosa portal -- in this respect.

The Insurance Regulatory and Development Authority of India (Irdai) chairman highlighted the huge potential of insurance in the country and emphasised the need for the Insurance Ombudsman to be fair and equitable.

Insurance ombudsman, Delhi, Sumeet Jeerath appealed to both complainants and insurance company representatives to cooperate and follow the path of conciliation and mediation in a spirit of give and take to reach amicable settlement in maximum number of cases.