Unified effort by insurance majors to amplify insurance inclusion in Andhra Pradesh under Vision 2047 plan
Andhra Pradesh, May 20, 2023: The insurance regulator IRDAI has allotted states and union territories to every insurer to increase insurance penetration in India and take insurance to every nook and corner of the country. This decision is in line with the IRDAI Vision 2047 plan aimed at providing ‘Insurance for all’ by 2047 – the centenary year of India’s Independence. Under the initiative, Universal Sompo General Insurance Company, Star Health and Allied Insurance Company Limited, and Aegon Life Insurance Company Limited have been allocated the state of Andhra Pradesh, to operate as the lead insurers.
To implement comprehensive insurance coverage for all individuals in the state of Andhra Pradesh, representatives from all major Insurance Companies came together to discuss boosting insurance penetration in Andhra Pradesh on May 19. The objective of the meeting held in Vishakhapatnam was to faster collaboration among companies and develop actionable plans to increase insurance penetration across the state with support from the Government of Andhra Pradesh.
Among the attendees were industry leaders, government officials, and key stakeholders. The importance of comprehensive insurance coverage and exploring innovative strategies to reach all segments of the population in Andhra Pradesh were some of the topics which were reflected upon during the meeting. An interactive session was also held as part of the meeting, wherein the participants deliberated on several crucial aspects of insurance such as promoting awareness, customized solutions for individuals, strengthening of distribution channels, etc.
Sharad Mathur, MD & CEO, Universal Sompo, expressed optimism about the outcome of the meeting stating, “Today’s gathering represents a significant step towards fostering a culture of insurance in Andhra Pradesh. We look forward to working collaboratively to tackle any challenges that may come our way and providing effective solutions to make Andhra Pradesh a fully insured state. By pooling our resources, expertise, and insights, we are confident in our collective ability to enhance insurance penetration, empower individuals, and businesses and contribute to the state’s socio-economic development”.
Outlining his plan of action, Satishwar B., MD and CEO, Aegon Life Insurance Company, said, "Aegon Life is committed to creating a financially secure future for every Indian household, with a special focus on Andhra Pradesh's diverse communities. Our innovative process that combines Aadhaar and video-selfie technology allows us to provide life insurance instantly, thereby deepening our reach even into the most remote corners of the state. Recognizing Andhra Pradesh's vibrant start-up culture and continued digitisation, we strive to match this innovative spirit by advancing our technology. Our goal is to streamline the life insurance buying process with no/minimum documentation, thus making insurance accessible and hassle-free for everyone."
Anand Roy, MD & CEO of Star Health and Allied Insurance Company Limited said, “We’re happy to come together to take this noble cause forward. Today, health insurance has become a basic need along with food, clothes and shelter. In the months ahead, we aim to increase awareness on this throughout the state of Andhra Pradesh. We also plan to increase our branch and agent network in the region to drive penetration, especially in tier – II & III cities while also enabling easier access to insurance via tech driven solutions. Through our combined efforts, I’m sure we’ll see a significant increase in insurance awareness in Andhra Pradesh.”
The meeting concluded with a shared commitment to implement the proposed strategies and stressed upon continued collaboration among insurance companies, the regulator, the Government of Andhra Pradesh, and other stakeholders to achieve the shared goal of offering comprehensive insurance coverage for individuals and industries in Andhra Pradesh. The companies agreed to work cohesively – among other things to work towards enhancing motor insurance coverage, providing innovative health insurance covers, and affordable life insurance solutions to the citizens in the state.