IIMK experts submit report to lay foundation for achieving goal of ‘Insurance for All by 2047’

A team of experts from the Indian Institute of Management Kozhikode (IIMK) has submitted a report for laying the foundation to help India’s insurance sector achieve the Insurance Regulatory and Development Authority of India (IRDAI)’s goal of “Insurance for All by 2047”.

The report, submitted to the General and Life Insurance Councils and the IRDAI, states that the goal is achievable only if it is pursued as a national mission rather than as a market-driven afterthought. It underscores the need for regulatory clarity, technological leapfrogging, capital deepening, and institutional trust. If implemented with discipline and vision, the report notes, insurance could emerge as a pillar of India’s economic resilience, social security framework, and sustainable growth.

The report was prepared by Debashis Chatterjee, Director of IIM Kozhikode; Mridul Saggar, head of its Centre for Macroeconomics, Banking and Finance; Rudra Sensarma; and Shubhasis Dey. It followed extensive research and deliberations during a two-day offsite meeting, Manthan, held on August 23 and 24, 2024. IIMK made detailed presentations at the offsite, while various industry stakeholders offered inputs on key challenges facing the sector.

Speaking after the submission of the report, Mr. Chatterjee said the insurance industry must become future-ready by harnessing innovation in products and technology. “New innovations will dismantle older industrial structures and create new ones. Insurance firms must adapt by innovating processes with the aid of technology to survive and thrive in this process of creative destruction,” he said.

Mr. Saggar pointed out that capital infusions or divestment in State-owned insurance firms, including the splitting and unbundling of the monopoly in the life insurance space, could jolt the industry and raise penetration and density.