Insurance industry must embrace innovation, enhance capabilities: Irdai

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

Insurance Regulatory and Development Authority of India (Irdai) Chairman Debasish Panda said the insurance industry should accept innovation in the sector and strengthen its capabilities to address emerging risks and opportunities.
 

Speaking at the recently held Business Standard BFSI Insight Summit 2023, Panda said, “Insurance industry must embrace innovation and enhance its capabilities not only to meet the evolving demands of customers, but also to proactively address emerging risks and opportunities.” He expressed concerns on rising cyber-security and climate-related risks and the need for insurance companies to develop policies that will address these concerns.
 

“There is a rise in frequency