Half vehicles are uninsured: IRDAI Chairman

IRDAI Chairman MrDebashish Panda hassaid that close to half the vehicles in the country continue to remain uninsured, which is a cause of worry.

Speaking at the insurance summit in Mumbai, IRDAI chairman asked the insurance students to come up with innovative and tech-enabled ways in which India can cover up the 83% protection gap. “The second area of focus should be product simplification and innovation. Tech-based coverages and region-based coverages have to be looked into because one-size-fits-all is no longer applicable,” said Panda.

Panda said that IRDAI is also working on Bima Sugam — a one-stop shop for insurance. Bima Sugam is a new online platform approved by the regulator where different types of insurance products will be sold.

The policies sold on the platform will be in digital form, and buyers need not worry about the safekeeping of the contract. Besides selling policies and servicing claims, the platform will make it possible for customers to port their policies from one provider to another.