Insurance Industry should focus on consumer: IRDA

Mumbai, Sep 28: Addressing CII"s 13th Insurance Summit in Mumbai on Sep 28 consumer should be the focus of the Indian Insurance Industry, said Mr J Hari Narayan, Chairman, IRDA.

He pointed out various ways in which regulation works, both for consumers and insurance firms. “Primary focus of regulation is to ensure, enable and enforce the industry to make available products that are robust and fair. That is the promise to the Indian insurance consumer"

Mr Narayan also released a CII-E&Y exclusive report, “Indian Insurance Sector: Stepping Into The Next Decade Of Growth."

Talking about the Insurance bill that has been in the parliament for long, Mr Gerry Grimstone, Chairman - Standard Life Plc, said , “The Insurance bill is not just about raising equity of a foreign investment company from 26pc to 49pc but also to allow specialized insurers to do more work in the Indian insurance market. This will only help the insurance sector."

Mr T S Vijayan, Chairman, CII National Committee on Insurance and Pensions & Chairman - LIC stated that,"Indian insurance is at the brink of an exciting journey."

Towards the end of the prrogramme Mr Ashvin Parekh, Partner, National Leader – Global Financial Services Ernst & Young Ltd, reiterated the need for consumer focus when he said, “For years the insurance sector has been looking at grabbing the market, it"s time to think of consumer needs and of servicing them satisfactorily."

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