The Management Accountant - June 2024
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6 The Management Accountant - June 2024
www.icmai.in
Insurance for all by 2047
h e
I n s u r a n c e
Regulatory
and
D e v e l o p m e n t
Authority of India
(IRDAI) has committed to enable
‘Insurance for All’ by 2047,
where every citizen will have
an appropriate life, health and
property insurance cover and every
enterprise would be supported by
appropriate insurance solutions
and also to make Indian insurance
sector globally attractive.
The IRDAI has brought in
multiple reforms, focussing
on three prominent themes
– strengthening the ecosystem,
improving accessibility & reach,
and safeguarding policyholders’
interests.
The regulator has envisaged three
major initiatives - Bima Sugam, a
one-stop digital platform, Bima
Vistar, an all - in - one affordable
insurance cover and Bima Vahak, a
women-led-field distribution force.
Popularly labelled as the `Insurance
Trinity’, these initiatives are
expected to be the game-changers
for the Insurance Industry in the
country bridging the existing gaps
in the product design, pricing and
distribution.
This issue carries several articles
on cover story “Insurance for all by
2047”. It is earnestly hoped that
these articles on various aspects
of insurance will help the members
and other readers to widen their
knowledge on insurance sector.
Here’s a glimpse of the articles
featured in this issue:
Bancassurance
-
The
R e v o l u t i o n a r y
C o u p l e
acknowledges that Bancassurance is
an alliance to provide twin benefits
for a customer opting a credit
facility. The insurance products are
integrated to the banking channels
and are customized based on the
diversified market/customer needs.
Underwriting in General
Insurance and Efficacy of Claims
Management concludes that while
underwriting leads to income and
cash inflow as business is generated
and premium is received, claims
leads to expenses and cash outflow.
Both functions are crucial and need
equal attention and importance by
a general insurance company for
benefit of all.
India Insured By 2047: The
Role of Insurance Companies,
Distribution Networks and
Regulatory Frameworks provides
valuable insights by highlighting
the role that insurance companies
can play to ensure greater
accessibility of insurance products
for all through underwriting and
managing various insurance
products to cater to the diverse
needs of the Indian population.
It emphasizes the importance of
an efficient distribution network
to have a wider reach and the
significance of a regulatory
framework in safeguarding the
interests of both insurers and
policyholders.
Health Care & Insurance Sector
focuses on the necessity of health
insurance and its benefits.
From Monolith to Market:
Exploring IPO Issue and Market
Potential of LIC of India is a
descriptive analysis of the journey
of LIC IPO, which began trading in
May 2022 by being listed in both
the Bombay Stock Exchange (BSE)
and the National Stock Exchange
(NSE).
Digital Transformation -
The Game Changer in Indian
Insurance Sector takes a look at the
various aspects of InsurTech, the
technologies driving transformation
and its specific applications, the
risks and concerns, regulatory
involvement, and the role of
professionals in this hi-tech
environment.
The purpose of the article
Insurance for all by 2047: A Study
of PMSBY: Insurance Penetration
of the Population of Chhattisgarh
State is to find whether the flagship
insurance penetration initiative of
IRDAI, that is the ‘Insurance for
All by 2047’ has been successful
in increasing the penetration of
PMSBY insurance in Chhattisgarh after its launch
in the year 2022, and how it has contributed to
the betterment of the State’s economy after its
announcement.
In Regtech and Insurance Sector: An
Opportunity to Explore an attempt has been made
to explore the strategic significance of Regtech
solutions and their applications in insurance
industry. Further, certain prerequisites have been
suggested to ensure its effective implementation.
Unveiling the Future: Bancassurance as India’s
New Financial Frontier discusses the regulatory
and operational hurdles including the Strategic
Role of Cost and Management Accountants
(CMAs) in compliance and planning.
Parametric Insurance: Revolutionizing Risk
Management in India and Beyond underlines
the significance of working with stakeholders,
leveraging technological innovations and
implementing policy measures to create inclusive
and cost-effective parametric insurance solutions.
Bancassurance in India: Opportunities,
Challenges, and Future Prospects explores the
evolution, opportunities, challenges and prospects
of Bancassurance. This article also makes several
recommendations to all the stakeholders for
harnessing opportunities and addressing the
challenges of the domain.
Our Regular column Digital Transformation
covers Digital Transformation of Insurance
Business and The Journey in Search of Excellence
with Insurtech.
This issue also features an interview with CMA
(Dr.) Tarun Agarwal, Director National Insurance
Academy, Pune.
Apart from these thematic articles, this issue
contains articles on various other contemporary
matters including a special article on Opportunities
of Renewable Energy Financing in India.
Please share your thoughts at editor@icmai.in.
Happy Reading….
From the Editor’s Desk
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