Insurance Regulatory and Development authority Chairman J. Hari Narayan on Wednesday said that continuous engagement was necessary to promote micro insurance in the country besides exploring the Banking Correspondents model for increasing the reach of insurance products in rural areas.
Mr. Hari Narayan observed that the Indian insurance industry was quite young and still evolving. He viewed that in the last couple of years, pension products were on the increase but these needed to be defined aptly as often they were more of a financial accumulation product, said Mr. Hari Narayan while addressing the Confederation of Indian Industry's (CII) 14th Insurance Summit here.
He also highlighted the importance of increasing the penetration of micro insurance products throughcontinuous engagementand going beyond mere numbers.
Delivering the keynote address, Mr. Hari Narayan observed that there were some structural issues in micro insurance products in terms of benefits payout.
He also added that there was a lack of efficient delivery of the products by the industry and hence rural and social sector obligations might suffer.
He underlined the lack of continuous engagement on the part of companies and agencies and stated that the products introduced are annual products.
