• About Us
  • Contact Us
Current Date

  • Login
  • Register
B2B Market Media
  • Home
  • Fintech
    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

    MobiKwik unveils Pocket UPI for better budgeting and security

    MobiKwik unveils Pocket UPI for better budgeting and security

    Zaggle and Mesh Payments to advance global spend management market for India

    Zaggle and Mesh Payments to advance global spend management market for India

    BharatPe raises Rs 125 crore in debt funding for business expansion

    BharatPe raises Rs 125 crore in debt funding for business expansion

    Bankbazaar makes its debut in gold loans with Muthoot Fincorp partnership

    Bankbazaar makes its debut in gold loans with Muthoot Fincorp partnership

    Zaggle receives TPAP approval from NPCI for UPI-based payment solutions

    Zaggle receives TPAP approval from NPCI for UPI-based payment solutions

  • BFSI
    FIDC announces Raman Aggarwal as its new CEO

    FIDC announces Raman Aggarwal as its new CEO

    Dhansafal signs co-lending deal with Vastu Finserve to bridge credit gaps

    Dhansafal signs co-lending deal with Vastu Finserve to bridge credit gaps

    Digital resilience in focus as BharatCoop 2025 gathers industry pioneers

    Digital resilience in focus as BharatCoop 2025 gathers industry pioneers

    IIFL Finance gets RBI nod to open Branches in Jammu & Kashmir

    IIFL Finance gets RBI nod to open Branches in Jammu & Kashmir

    Bajaj Finance embarks on digital overhaul with PennApps Lending Factory

    Bajaj Finance embarks on digital overhaul with PennApps Lending Factory

    SBM Bank India and ICICI Prudential Life Insurance to offer comprehensive financial protection

    SBM Bank India and ICICI Prudential Life Insurance to offer comprehensive financial protection

  • Education
    Punjab strengthening higher education with strategic reforms

    Punjab strengthening higher education with strategic reforms

    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Driving academic excellence via examination reforms, digital transformation and global collaborations

    Exclusive | Globalisation in higher education: Making Indian universities world-class author 

    Exclusive | Globalisation in higher education: Making Indian universities world-class author 

    Exclusive | Balancing academic excellence, industry needs and sustainability in higher education

    Exclusive | Balancing academic excellence, industry needs and sustainability in higher education

    Upskilling faculty for the digital age: Challenges, strategies and opportunities 

    Upskilling faculty for the digital age: Challenges, strategies and opportunities 

  • Enterprise
    B2B Market Media | The Founder Media hosts Jury Meet for OOH Phoenix Awards 2025

    B2B Market Media | The Founder Media hosts Jury Meet for OOH Phoenix Awards 2025

    Cashfree Payments and Shopify partner to introduce onsite payments for Indian merchants

    Bharti Airtel and Bajaj Finance join forces to build digital financial platform

    Abhinandan Narayan joins Revfin as Chief Business Officer

    Abhinandan Narayan joins Revfin as Chief Business Officer

    Swiggy elevates Sidharth Bhakoo as Chief Business Officer – Food Marketplace 

    Swiggy elevates Sidharth Bhakoo as Chief Business Officer – Food Marketplace 

    Usha Financial Services’s IPO sees strong demand, oversubscribes 1.31x on day one

    Nupur Recyclers reports strong Q2 FY25 financial performance, announces strategic expansion plans

    Paytm launches UPI SDK to enable customers pay directly within the merchant app

    Paytm Payments Bank names Manish Kumar as Chief Human Resources Officer

  • Health
    Healerji to redefine holistic healing and wellness

    Healerji to redefine holistic healing and wellness

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    CCI approves acquisition of certain stake of Lenskart Solutions by Kedaara Capital Fund

    Bajaj Finserv Health acquires Vidal Health Care

    Perfios gets $229 million from Kedaara Capital

    Answer Genomics raises $500K in Pre-Series A Round from Inflection Point Ventures

    Perfios gets $229 million from Kedaara Capital

    Doceree raises $35 million in Series B funding, led by Creaegis

    Kenko Health launches ‘Kenko Pay’

    Kenko Health launches ‘Kenko Pay’

  • Pharma
    Kaisha Packaging’s Sycure AD bags Red Dot Award

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    REC Limited signs $100 million foreign currency term loan agreement with EXIM Bank

    Cosmo and Glenmark sign distribution and licence agreements for Winlevi in Europe and South Africa

    Citi invests in Peru’s fintech firm Rextie

    Cabinet approves FDI in Suven Pharmaceuticals

    Transcell and Quantiphi develop Digital Animal Replacement Technology

    Transcell and Quantiphi develop Digital Animal Replacement Technology

    Lincoln Pharmaceuticals Reports Net Profit of Rs. 19.01 crore in Q1 FY24

    Lincoln Pharmaceuticals Reports Net Profit of Rs. 19.01 crore in Q1 FY24

    First Indian intranasal Covid vaccine to be launched on Republic Day

    First Indian intranasal Covid vaccine to be launched on Republic Day

  • Technology
    Poonawalla Fincorp introduces AI-backed regulatory response engine

    Poonawalla Fincorp introduces AI-backed regulatory response engine

    GoTrust raises $400K pre-seed funding to solidify data compliance offerings

    GoTrust raises $400K pre-seed funding to solidify data compliance offerings

    Coforge implements AI-driven Dispute Management module for financial services

    Coforge implements AI-driven Dispute Management module for financial services

    Firstsource names Shamita Mukherjee as new CHRO

    Firstsource names Shamita Mukherjee as new CHRO

    Acuity rolls out its AI platform Acuity Agent Fleet

    Acuity rolls out its AI platform Acuity Agent Fleet

    Patanjali’s Tech Arm debuts in banking sector with AI-driven ERP platform

    Patanjali’s Tech Arm debuts in banking sector with AI-driven ERP platform

  • Interviews
    Digital shift, local impact: How Janata Sahakari Bank is balancing legacy with innovation

    Digital shift, local impact: How Janata Sahakari Bank is balancing legacy with innovation

    Powering financial access in India

    Powering financial access in India

    Decimal Technologies scaling BFSI innovation with ‘no-code’ leadership

    Decimal Technologies scaling BFSI innovation with ‘no-code’ leadership

    Optimising FinTech with cloud: Faster, smarter and more secure

    Optimising FinTech with cloud: Faster, smarter and more secure

    Simplicity in technology makes life and business enjoyable

    Simplicity in technology makes life and business enjoyable

    SIDBI to lead in tech-driven solutions for MSME sector

    SIDBI to lead in tech-driven solutions for MSME sector

  • Events
  • Home
  • Fintech
    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

    UGRO Capital to raise Rs 1,315 crore for MSME lending expansion

    MobiKwik unveils Pocket UPI for better budgeting and security

    MobiKwik unveils Pocket UPI for better budgeting and security

    Zaggle and Mesh Payments to advance global spend management market for India

    Zaggle and Mesh Payments to advance global spend management market for India

    BharatPe raises Rs 125 crore in debt funding for business expansion

    BharatPe raises Rs 125 crore in debt funding for business expansion

    Bankbazaar makes its debut in gold loans with Muthoot Fincorp partnership

    Bankbazaar makes its debut in gold loans with Muthoot Fincorp partnership

    Zaggle receives TPAP approval from NPCI for UPI-based payment solutions

    Zaggle receives TPAP approval from NPCI for UPI-based payment solutions

  • BFSI
    FIDC announces Raman Aggarwal as its new CEO

    FIDC announces Raman Aggarwal as its new CEO

    Dhansafal signs co-lending deal with Vastu Finserve to bridge credit gaps

    Dhansafal signs co-lending deal with Vastu Finserve to bridge credit gaps

    Digital resilience in focus as BharatCoop 2025 gathers industry pioneers

    Digital resilience in focus as BharatCoop 2025 gathers industry pioneers

    IIFL Finance gets RBI nod to open Branches in Jammu & Kashmir

    IIFL Finance gets RBI nod to open Branches in Jammu & Kashmir

    Bajaj Finance embarks on digital overhaul with PennApps Lending Factory

    Bajaj Finance embarks on digital overhaul with PennApps Lending Factory

    SBM Bank India and ICICI Prudential Life Insurance to offer comprehensive financial protection

    SBM Bank India and ICICI Prudential Life Insurance to offer comprehensive financial protection

  • Education
    Punjab strengthening higher education with strategic reforms

    Punjab strengthening higher education with strategic reforms

    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Technology and innovation shine at WEBCon 2025 in Chandigarh

    Driving academic excellence via examination reforms, digital transformation and global collaborations

    Exclusive | Globalisation in higher education: Making Indian universities world-class author 

    Exclusive | Globalisation in higher education: Making Indian universities world-class author 

    Exclusive | Balancing academic excellence, industry needs and sustainability in higher education

    Exclusive | Balancing academic excellence, industry needs and sustainability in higher education

    Upskilling faculty for the digital age: Challenges, strategies and opportunities 

    Upskilling faculty for the digital age: Challenges, strategies and opportunities 

  • Enterprise
    B2B Market Media | The Founder Media hosts Jury Meet for OOH Phoenix Awards 2025

    B2B Market Media | The Founder Media hosts Jury Meet for OOH Phoenix Awards 2025

    Cashfree Payments and Shopify partner to introduce onsite payments for Indian merchants

    Bharti Airtel and Bajaj Finance join forces to build digital financial platform

    Abhinandan Narayan joins Revfin as Chief Business Officer

    Abhinandan Narayan joins Revfin as Chief Business Officer

    Swiggy elevates Sidharth Bhakoo as Chief Business Officer – Food Marketplace 

    Swiggy elevates Sidharth Bhakoo as Chief Business Officer – Food Marketplace 

    Usha Financial Services’s IPO sees strong demand, oversubscribes 1.31x on day one

    Nupur Recyclers reports strong Q2 FY25 financial performance, announces strategic expansion plans

    Paytm launches UPI SDK to enable customers pay directly within the merchant app

    Paytm Payments Bank names Manish Kumar as Chief Human Resources Officer

  • Health
    Healerji to redefine holistic healing and wellness

    Healerji to redefine holistic healing and wellness

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    CCI approves acquisition of certain stake of Lenskart Solutions by Kedaara Capital Fund

    Bajaj Finserv Health acquires Vidal Health Care

    Perfios gets $229 million from Kedaara Capital

    Answer Genomics raises $500K in Pre-Series A Round from Inflection Point Ventures

    Perfios gets $229 million from Kedaara Capital

    Doceree raises $35 million in Series B funding, led by Creaegis

    Kenko Health launches ‘Kenko Pay’

    Kenko Health launches ‘Kenko Pay’

  • Pharma
    Kaisha Packaging’s Sycure AD bags Red Dot Award

    Kaisha Packaging’s Sycure AD bags Red Dot Award

    REC Limited signs $100 million foreign currency term loan agreement with EXIM Bank

    Cosmo and Glenmark sign distribution and licence agreements for Winlevi in Europe and South Africa

    Citi invests in Peru’s fintech firm Rextie

    Cabinet approves FDI in Suven Pharmaceuticals

    Transcell and Quantiphi develop Digital Animal Replacement Technology

    Transcell and Quantiphi develop Digital Animal Replacement Technology

    Lincoln Pharmaceuticals Reports Net Profit of Rs. 19.01 crore in Q1 FY24

    Lincoln Pharmaceuticals Reports Net Profit of Rs. 19.01 crore in Q1 FY24

    First Indian intranasal Covid vaccine to be launched on Republic Day

    First Indian intranasal Covid vaccine to be launched on Republic Day

  • Technology
    Poonawalla Fincorp introduces AI-backed regulatory response engine

    Poonawalla Fincorp introduces AI-backed regulatory response engine

    GoTrust raises $400K pre-seed funding to solidify data compliance offerings

    GoTrust raises $400K pre-seed funding to solidify data compliance offerings

    Coforge implements AI-driven Dispute Management module for financial services

    Coforge implements AI-driven Dispute Management module for financial services

    Firstsource names Shamita Mukherjee as new CHRO

    Firstsource names Shamita Mukherjee as new CHRO

    Acuity rolls out its AI platform Acuity Agent Fleet

    Acuity rolls out its AI platform Acuity Agent Fleet

    Patanjali’s Tech Arm debuts in banking sector with AI-driven ERP platform

    Patanjali’s Tech Arm debuts in banking sector with AI-driven ERP platform

  • Interviews
    Digital shift, local impact: How Janata Sahakari Bank is balancing legacy with innovation

    Digital shift, local impact: How Janata Sahakari Bank is balancing legacy with innovation

    Powering financial access in India

    Powering financial access in India

    Decimal Technologies scaling BFSI innovation with ‘no-code’ leadership

    Decimal Technologies scaling BFSI innovation with ‘no-code’ leadership

    Optimising FinTech with cloud: Faster, smarter and more secure

    Optimising FinTech with cloud: Faster, smarter and more secure

    Simplicity in technology makes life and business enjoyable

    Simplicity in technology makes life and business enjoyable

    SIDBI to lead in tech-driven solutions for MSME sector

    SIDBI to lead in tech-driven solutions for MSME sector

  • Events
No Result
View All Result
B2B Market Media
No Result
View All Result
Home BFSI

More insurance players, wider range of products key to achieve insurance for all goal by 2047:Irdai’s Debasish Panda

by
2 years ago
in BFSI
A A
0
More insurance players, wider range of products key to achieve insurance for all goal by 2047:Irdai’s Debasish Panda
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

India needs more number of insurance players, much wider range of products and also more distribution partners to achieve the insurance for all goal by 2047, Irdai chairman Debasish Panda said here on Tuesday. The insurance sector was opened up more than two decades ago and the market has grown much bigger, but still there is too much scope for faster and deeper growth, he said addressing the annual summit of the Indian Private Equity and Venture Capital Association.

In the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more, he said.

“We’re a diverse nation of 1.4 billion people. We can’t have a one-size-fits-all approach, instead we need more unique products that can meet the insurance needs of both the super rich as well as the very poor. And such unique products cannot be served by the limited number of players we have today at 70.

“Therefore, we need more players, a much wider range of products and also more distribution partners to achieve the insurance for all goal by 2047,” Panda said.

Before the nationalization of the sector in the mid-1950, the country with much lower population (over 350 million), had as many as 245 life insurance and 145 non-life firms, 15 of them foreign-owned. There were also 75 provident funds at the time of nationalization.

The life insurance sector was nationalised on January 19, 1956 through the Life Insurance Corporation Act. All the 245 insurance companies operating then were merged into one entity, the Life Insurance Corporation of India.

“We need more players who can offer unique and more differentiated products and to achieve that we also need more and more differentiated players with deep pockets and also to drive awareness as insurance is still mostly sold with a lot of push, we should make it a pull-product,” he said.

To achieve greater penetration, there is a need for more distribution partners too who can hawk more differentiated products that suit the needs of the Gen next as well senior citizens who are more discerning and demanding now.

“All we need is to look at insurance with a fresh pair of eyes. And the time has come to re-imagine insurance. We must come together and make it happen before the 2047 target, which is an outer limit, and I want this to be achieved much earlier,” Panda said.

He further noted that millions of small businesses are not properly covered yet.

“Why can’t we have products that suit them? Why can’t we have differentiated strategies and products for other sectors like cyber & climate risks, logistics, shared mobility and a long list of other uncovered sectors. We can also have long-term motor policies,” he said.

0Like
0Dislike
50% LikesVS
50% Dislikes
Source: Economic Times
Tags: bfsiDebasish PandaInsuranceIRDAI
Previous Post

HSBC India profit up 15%; bank will continue to expand balance sheet, says CEO Hitendra Dave

Next Post

Digital university to reduce cost of higher, skill education drastically in India: Union Minister Pradhan

Related Posts

FIDC announces Raman Aggarwal as its new CEO
BFSI

FIDC announces Raman Aggarwal as its new CEO

28/05/2025
Dhansafal signs co-lending deal with Vastu Finserve to bridge credit gaps
BFSI

Dhansafal signs co-lending deal with Vastu Finserve to bridge credit gaps

28/05/2025
Digital resilience in focus as BharatCoop 2025 gathers industry pioneers
BFSI

Digital resilience in focus as BharatCoop 2025 gathers industry pioneers

27/05/2025
Next Post
Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

Digital university to reduce cost of higher, skill education drastically in India: Union Minister Pradhan

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe to our Newsletter
johnsmith@example.com

Recent News

FIDC announces Raman Aggarwal as its new CEO

FIDC announces Raman Aggarwal as its new CEO

28/05/2025
Dhansafal signs co-lending deal with Vastu Finserve to bridge credit gaps

Dhansafal signs co-lending deal with Vastu Finserve to bridge credit gaps

28/05/2025
Digital resilience in focus as BharatCoop 2025 gathers industry pioneers

Digital resilience in focus as BharatCoop 2025 gathers industry pioneers

27/05/2025
IIFL Finance gets RBI nod to open Branches in Jammu & Kashmir

IIFL Finance gets RBI nod to open Branches in Jammu & Kashmir

27/05/2025
B2B Market Media

B2B Market Media emerges as your trusted partner for forging connections and fueling breakthroughs. Our mission is simple: to bridge the gap among industry leaders, innovators and decision-makers across sectors like Banks, Education, Urban Cooperative Banks, NBFCs & MFIs, and Insurance Companies.

Quick Links

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Refund Policy
  • Terms and Conditions

All News

  • BFSI
  • Edtech
  • Education
  • Enterprise
  • Financial Inclusion
  • Fintech
  • Health
  • Interviews
  • Pharma
  • Startup
  • Technology
  • Uncategorized

Follow Linkedin Newsletter to receive latest news & events updates. Let’s stay updated!

Subscribe on LinkedIn
  • About Us
  • Contact Us

© 2023 b2bmarketmedia

No Result
View All Result
  • Home
  • About Us
  • Upcoming Events
  • Fintech
  • BFSI
  • Education
  • Technology
  • Startup
  • Enterprise
  • Pharma
  • Contact Us
  • Login
  • Sign Up

© 2023 b2bmarketmedia

Welcome Back!

OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In