Mumbai, June 17, 2023 – The Insurance Brokers Association of India (IBAI) successfully concluded its highly anticipated Annual Broker’s Meet, which served as a platform for industry leaders, stakeholders, and professionals to discuss key developments, growth strategies, and pressing challenges facing the insurance broking sector. The event witnessed insightful discussions, expert presentations, and the launch of a nationwide campaign aimed at promoting insurance literacy and awareness among students.
The Annual Broker’s Meet, held today in Mumbai, brought together a diverse gathering of prominent insurance brokers, insurers, regulators, and industry experts. One of the key highlights of the event was the presence of Mr. Debasish Panda, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), who delivered the keynote address. Mr. Panda’s insightful speech provided valuable perspectives on the evolving regulatory landscape and emphasized the importance of regulatory norms that support insurance brokers in the country.
The Annual Broker’s Meet served as a platform to discuss the broking industry’s remarkable growth and the unveiling of strategic initiatives to further enhance its performance. The Insurance Brokers Association of India highlighted the industry’s robust growth trajectory and shared its vision for the future. Through collaborative efforts and strategic partnerships, the association aims to foster innovation, expand market reach, and promote consumer-centric practices within the insurance broking fraternity. Brokers, while playing a bigger role in the distribution of non-life insurance in India, have doubled their share of premiums to over 35% from 17% over the last 10 years. And pertaining to the overall insurance, they further plan to have a market share of 45% by 2030.
As one of the fastest-growing economies in the world, India has experienced a surge in demand for insurance products and services, leading to a substantial increase in insurance penetration by insurance brokers. During the event, an insightful session was conducted by industry leaders, focusing on the evolving regulatory landscape and its impact on insurance brokers. Mr. Sumit Bohra, President at IBAI, commented, “The regulatory norms governing insurance brokers play a crucial role in supporting our industry. We appreciate the efforts made by regulatory authorities to create an enabling environment that fosters fair competition, transparency, and consumer protection. At IBAI, we are actively working towards creating a free market for all policyholders and we urge the regulators and industry people to join hands with us to bring forth this revolution. Our aim is to empower insurance brokers to navigate the changing landscape effectively and deliver enhanced value to their clients.”
Recognizing the importance of insurance literacy and awareness among the general public, IBAI announced the launch of a nationwide campaign during the Annual Broker’s Meet. This initiative aims to promote insurance education and empower individuals with the necessary knowledge to make informed decisions about their insurance needs. The campaign, slated to cover 500,000 students in schools and colleges across the length and breadth of the country, will focus on raising awareness about the various types of insurance, the benefits of insurance coverage, and the importance of financial protection.
The Insurance Brokers Association of India believes that by equipping students with insurance knowledge at an early stage, they will become more financially resilient and better prepared to navigate potential risks. The campaign will employ interactive workshops, seminars, and engaging educational resources to engage students and facilitate their understanding of insurance principles and practices.
The insurance broking business within the country is now matured with increased penetration, customized and diversified insurance products, a digital transformation, along with a conducive regulatory framework. As the insurance broking industry continues to grow and adapt to changing dynamics, the Insurance Brokers Association of India (IBAI) remains committed to promoting industry excellence. Along with advocating for favorable regulatory norms, the IBAI continues to focus on enhancing insurance literacy while championing causes that would ease the plight of policyholders.
