IRDAI chief asks insurance players to underwrite disruptions to improve market penetration

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Context: The chairman of the IRDAI said that the approach of ‘one-size-fits-all’ has outdated due to the radical technology-driven changes taking place in the insurance industry.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:


·         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

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