statesman news service
KOLKATA, 6 JULY: Insurance is a sunshine sector in India, but transparency continues to be the stumbling block, said Mr Sudhin Roy Chowdhury, member (life), Insurance Regulatory and Development Authority (Irda), at the 6th ICC Insurance Summit here today.
Mr Roy Chowdhury, chief guest at the function, stressed on the developmental role of Irda in boosting market entry, competitiveness, and clarity in the sector. He hoped for an early passage of the Insurance Bill in view of the capital crunch in the industry.
Elaborating on the host of regulatory measures adopted by Irda for controlling mis-selling, Mr Roy Chowdhury said that qualifying marks for the certification exam of insurance agents have been brought down towards boosting the agency channel of distribution.
Calling for introduction of global underwriting practices in the country, Mr Ashok K Roy, CMD, General Insurance Corporation of India (GIC) Ltd observed that the over 15 per cent industry growth for the non-life insurance sector has not been matched by corresponding supporting capital growth. He maintained that the non-life insurance industry in India is way behind in market research, product innovation and risk management practices.
Greater usage of analytics can augment intermediary performance and incentivisation in life insurance and can help to contain claims fraud in the non-life sector, observed Mr Samir Bali, managing director, Accenture in India.
Mr Rajiv Mundhra, president, Indian Chamber of Commerce, maintained that boosting the FDI limit to 49 per cent in insurance is an imperative.