The recently concluded 23rd Global Conference of Actuaries (#GCA2024) organized by the Institute of Actuaries of India and the International Actuarial Association proved to be a platform for enlightening discussions on crucial topics such as data, disruptions, and the pivotal role of actuaries in shaping the future.
Read the article to learn more about India’s ambitious 2047 goals and how the insurance sector, along with actuarial resources, emerges as key player.
Celebrating 100 years of Independence
In 2047, as India celebrates 100 years of independence, Insurance Regulatory and Development Authority of India IRDAI is committed to achieving “Insurance for All”.
The aim is to provide every citizen with appropriate life, health, and property insurance, and support enterprises with fitting insurance solutions. IRDAI focuses on creating a competitive and progressive regulatory environment for a wider choice, accessibility, and affordability for policyholders.
This aligns with the Government of India’s vision for financial inclusion. IRDAI’s efforts concentrate on strengthening the three pillars of the insurance ecosystem – customers, providers, and distributors, promoting innovation, competition, and efficiency through technology integration and a principle-based regulatory approach.
The Transformative Landscape of Indian Insurance
India’s insurance sector is standing at the threshold of a significant transformation, driven by a strategic focus on customer-centric solutions, innovation, and technology adoption.
The industry is actively aligning itself with the nation’s 2047 vision, with digitalization taking center stage. A commitment to simplification and automation forms the bedrock of strategies, reflecting the sector’s determination to meet evolving demands efficiently.
The GCA 2024 conference served as a catalyst for insightful discussions and collaborations, bringing together key stakeholders in the insurance industry. Addactis, grateful for the opportunity to participate, is committed to contributing to the transformative journey of the Indian insurance sector.
As the industry charts its course towards the ambitious 2047 goals, the synergy between industry players, technology, and innovation will play a pivotal role in shaping a resilient and customer-centric future for Indian insurance.
Addactis: a key actor in this Transformative Journey
Among the participants at GCA 2024, Addactis, a Risktech leading player, expressed enthusiasm about contributing to India’s transformative journey in the insurance domain.
Our experts are leveraging their expertise to assist the Indian insurance industry in overcoming hurdles and navigating the complexities of the modern landscape.
We aim to empower the Indian insurance industry through our robust actuarial solutions, by navigating the complexities of IFRS 17, streamlining reserving processes, optimizing pricing strategies, and ensuring regulatory compliance.
We believe those imminent and long-term projects play a crucial role to ensure a sustainable and appealing future for the local industry, as emphasized in the IRDAI’s strategy.
As the industry grapples with evolving regulatory frameworks and increasing insurance challenges, Addactis stands ready to provide innovative and tailored solutions.
Visit our solution page to discover how addactis can empower your insurance activity!