Debasish Panda, chairman of the Insurance Regulatory Authority of India (IRDAI) will be delivering the inaugural address at the FE Insurance Summit, 2024 – The Future Readiness Dialogues, to be held in Mumbai on Wednesday.

The day-long summit will see a unique confluence of some of the finest minds in the insurance industry who will brainstorm on the way forward to achieve the goal of getting every Indian insured by 2047.

Panda is known to be a regulator keen to simplify the procedure, speed up the process and improve customer experience. For instance, the efforts over the past few years have been aimed at rationalising the regulatory framework, condensing some 78 regulations into 20, and promoting extensive use of technology apart from other measures aimed at widening and deepening the reach of insurance in the country.

It is therefore with good reason that a highlight of the summit will be a session to be attended by the end-users — the manufacturers, SMEs, MSMEs — sharing insights on what the regulatory changes have meant for them and what they would expect from the regulator and the insurance companies.

There will also be leaders from some of India’s leading insurance companies swapping ideas on deepening and expanding the reach of insurance.

Sharing insights will be Ravi Viswanath, CEO, Narayana One Health & the director, Narayana Health Insurance. Then, there is the payments major PhonePe and its foray into insurance broking with Vishal Gupta, CEO, PhonePe Insurance Broking Services sharing his views.

There will also be a panel on ‘insuretech’ and the technology innovations that the sector is trying to leverage to aspects like the difference (Artificial Intelligence) AI-powered underwriting could make, the use of fraud analytics and getting to ‘know the fraudster’ and prevent frauds or equally crucial look at concerns around data security and personalisation of product offerings.

Similarly, a panel of finance experts will look at managing the economic challenges and the financial foresight that is now imperative. There will also be a session looking at talent and what would be needed to broaden the horizon of accessibility to insurance. The organisational changes needed to be sync with the new realities on the ground, be it in terms of need to drive in agility or in formulating suitable incentive plans that encourages outreach to untapped sections and parts of the economy.  

The summit is being organised in partnership and support from ICICI Lombard General Insurance Company Limited, SBI Life, PhonePe and Bajaj Life Insurance.