The best of 5 Insurance Advisor

Defining IRDAI
Before delving any deeper, let us learn about the Insurance
Regulatory and Development Authority of India (IRDAI).
The company is dedicated towards protecting the interests
of people regarding insurance. Some functions of IRDAI
are as follows:
• It looks after the rapid growth of insurance industry and
ensures the people’s benefit by providing long-term funds
and ensuring economic growth
• It focuses on maintaining high standards in terms of high
integrity and financial soundness and the exact dealing to
ensure financial stability
• It aims to increase the genuine number of claim settlement
to prevent various malpractices such as insurance frauds
Transformation in the Insurance Sector throughout the
Decade
Change is inevitable for anything and everything. The same
is in case of the insurance sector. This industry has
undergone several changes in the last ten years. The last
decade has witnessed the Indian insurance industry record
specific growth. It is still achieving gradual success and is
expected to perform even better in the years to come.
Insurance has been Simplified over the Years
Initially, insurance worried people because of its long and
complicated process that was almost hard handled.
Nowadays, owing to advanced technology, the scenario has
completely changed. The sector has achieved a major
facelift due to these advanced innovations. With advent of
the internet, AI, machine learning, and other such
innovations, the insurance sector has been completely
transformed. Some of the prominent developments over the
years have been described below:
documents with them whenever they had to visit the
insurance provider’s office. But nowadays with the
availability of online medium, these documents can be
easily accessed at any time.
• Enhanced Convenience: From the customer’s viewpoint,
buying insurance policies has become quite feasible and
convenient. Policyholders can go to the website of any
insurance provider and collect various information
regarding the procedure of insurance policy, the claim
status, and other necessary requirements. However,
earlier, in order to resolve any query, people had to visit
allocated branches to gather even the simplest of
information.
• Intervention of Social Media: Social media has provided
penetration ability to both insurance sellers as well as
customers. Through this global platform, people can get
information regarding various aspects such as insurance
claims, policy renewals, and so no. By using social media,
insurance companies can also advertise their new policy
plans and products to the customers along with exciting
offers. Furthermore, social media also acts a platform
through which customers can also discuss about various
insurance policies and schemes with each other.
The insurance sector in India is growing rapidly, while
creating numerous employment opportunities. With the
passage of time, the sector is introducing innovative and
customized features for its clients and is marching forward
with the objective of serving them better.
- Ananda Kamal Das
• Paperless Transactions: This is the age where people buy
insurance online rather than opting for any other medium.
In the internet, they get the opportunity to compare
various policy premiums and select the best one.
Additionally, they can take advantage of various insurance
offers as per the guidelines of the insurance provider.
• Low Risks with High Benefits: Nowadays, people do not
have to worry about losing hard copies of important
insurance-related documents as everything is available
online. Clients can download a copy of an insurance
policy from their account and keep it safe in any digital
format. Earlier, it was difficult for people to carry
necessary copies of important insurance-related
MAY 2021 | 30 | www.insightssuccess.in