Syllabus: GS- III
Subject: Economy
Topic: Financial markets
Issue: IRDAI; insurance sector in India
Context: The chairman of the IRDAI said that the approach of ‘one-size-fits-all’ has outdated due to the radical technology-driven changes taking place in the insurance industry.
 +1 Advantage for Mains:
Reforms to be taken in Insurance sector:
- To revolutionize the insurance sector and achieve the goal of ‘insurance for all’ by 2047.
- Data-driven insights essential.
- Use of technologies such as
- block chain-enabled smart contracts,
- data analytics for fraud detection,
- artificial intelligence, machine learning,
- big data, and the Internet of Things (IoT) in reshaping the insurance sector.
Prelims Connect:
| IRDAI:
·        Insurance Regulatory Development Authority (IRDA) is a statutory body set up by the IRDA Act, 1999 ·        Objective: overall supervision and development of the Insurance sector in India. ·        It is responsible for registering and/or licensing insurance, reinsurance companies and intermediaries. ·        Head Office is located at Hyderabad. Entities regulated by IRDAI: o   Life Insurance Companies o   General Insurance. o   Re-Insurance Companies o   Agency Channel |
