National Insurance Awareness Day 2023: How to bring the benefits of insurance to every doorstep

The National Insurance Awareness Day in India, observed on June 28 serves as a timely reminder of the importance of securing one’s health. From term insurance to life insurance, to health insurance, to home insurance, to car insurance, and more, these policies offer a layer of protection. Roopam Asthana, CEO & Whole Time Director - Liberty General Insurance said that as we commemorate National Insurance Awareness Day, we reflect on the vital role insurance plays in providing peace of mind and financial security to individuals, families, and businesses. 

“Today, we celebrate our progress while recognizing the immense potential that lies ahead. India's insurance industry is on a trajectory of remarkable growth, poised to become the sixth-largest insurance market globally within the next decade,” said Roopam Asthana.

However, we must acknowledge that there is still much work to be done. The current insurance penetration in India stands at around 3.2%, indicating the untapped market potential that awaits us, added Roopam.

Life insurance is a valuable product with numerous benefits, catering to all types of customers. It serves as a crucial element in an individual’s financial portfolio. It provides peace of mind by safeguarding a family’s future in the face of adversities, and enables systematic investing and a disciplined approach towards achieving long-term life goals. “On our part, the industry is continuously innovating, our regulator is also enabling a more empowering environment for the customers as well as the industry. In this encouraging environment, as the industry continues to become more dynamic, products are becoming simpler, more transparent, and tailored to fulfill a variety of long-term financial goals. This has enabled us to use and file our products, introduce innovative processes to ease our customers' engagement with us as well as strengthen the self-service options we provide,” said Tarun Chugh, MD, and CEO, of Bajaj Allianz Life Insurance.

As per Roopam Asthana, it is crucial to extend our focus beyond urban areas and prioritize the underserved regions and communities of our country. By expanding our reach to these areas and people, we can bring the benefits of insurance to every doorstep, ensuring inclusive financial protection for all.

“On this National Insurance Awareness Day, let us reaffirm our commitment to raising insurance awareness, improving penetration, and strengthening our industry. Together, we can build a future where insurance becomes an integral part of every individual's life, empowering them to face uncertainties with confidence and resilience" Asthana added.

“On National Insurance Awareness Day, we recognize the crucial mission of increasing insurance penetration in India. In a nation brimming with potential and opportunities, awareness and understanding of insurance play a paramount role. The visionary reforms set in motion by IRDAI have brought forth transparency, consumer-centric practices and accessibility- ultimately fostering trust," said Bhargav Dasgupta – MD & CEO of ICICI Lombard General Insurance Company.

The series of measures taken by the regulator in the recent past will make way for ease of business, improved accessibility, better speed to market, and encourage insurers to innovate to keep pace with the dynamic needs of today’s customers, said Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance for your reference for Insurance Awareness Day. 

We believe that India is well on its way to becoming the 6th largest insurance marketplace globally by 2032, added Sumit.