The Insurance Regulatory and Development Authority of India (IRDAI) Chairperson Ajay Seth highlighted the importance of creating a ‘value proposition for customers,’ and expediting processing time for claims. ‘The claim settlement has to be a centerpiece of the work which we do.’
He pointed out the need to create an ecosystem when “customers feel they are paying for covering the risk and they will get the benefit or almost instantaneously as soon as they tell their insurance company.”
He was delivering the inaugural address at the Financial Express Insurance Summit 2025 unfolded on Friday, November 21.
Insurance sector poised at critical juncture -Keeping the consumer at the forefront
In the course of this address, Seth highlighted that “the insurance sector stands at a mix of demand-side potential and supply-side opportunities while it confronts a growth challenge.”
The summit theme for the year is “Thriving in an Era of Disruption and Transformation.” Addressing the theme, Seth in his remarks spoke on improving affordability, enhancing customer trust, evolving the sector to close the gap between demand and supply, and strengthening claim settlement speed and transparency.
Major highlights
Speaking to policymakers, media, major insurance players and analysts, he highlighted that the sector goes beyond financial inclusion and looks at financial well-being. Here are some of the key points he emphasised:
- Demand potential exists, but growth remains constrained
- He highlighted the position of the sector in the Indian landscape and the areas where the industry must accelerate to provide better insurance coverage.
- He added that the sector needs to question how it caters to different people, which essentially means people coming from different profiles, financial capabilities, behaviour patterns and risk folders.
- He explained that the sector faces the challenge of different stakeholders having differing perspectives, but to hurdle this, the right sequencing needs to be created between the parties.
