The Insurance regulator T.S.Vijayan urged insurance companies to leverage the data available with the all the government agencies like various registration authorities, Aadhar and financial sector KYC (Know Your Customer),vehicle registrations etc., to expand the reach of the industry phenomenally.

He cited the example of the Prime Minister’s insurance yogna that leveraged the bank accounts opened under the Jan Dhan Yogna. HE stressed on the important of designing simple products, for even those who do not have a steady income.

“This will stem the premature termination of policies to a great extent,” he said addressing the Insurance Summit organised by the CII.

He suggested various ways in which there could be higher penetration of insurance, like linking the products to Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Insurance Schemes like Jeevan Jyoti Bima Yojana, Suraksha Bima Yojana and Fasal Bima Yojana that would be key to achieve 5x (five times) growth in the next 10 years.

The Prime Minister’s insurance schemes he pointed out brought in 13 crore customers which showed the opportunities for growth if the products were right and suggested that companies tie up with large organisations to sell insurance products.

Mr Vijayan chided the industry for stressing more on collecting premiums and stressed the need for awareness about the benefits of insurance.

He suggested innovative thinking and offered a number of avenues they could tap like the vehicles and property sectors: There are 20 crore vehicles registered in the country but only 8 crore are covered for third party insurance.

If the remaining vehicles are tapped for third party insurance alone it will be a phenomenal success.

About 80 per cent of the properties are not insured. The changes happening in the economy especially under “Make in India” is creating an immense opportunities for providing insurance cover to the MSME sector, he said.

Another suggestion he had was regarding insurance agents who he said should be adequately compensated so that they can make it a career and a business whilst seeing value in continuing with a company.