Mumbai - A team of experts from Indian Institute of Management (IIM), Kozhikode, has submitted an important report to report aimed at achieving the Insurance Regulatory and Development Authority of India's (IRDAI) vision of "Insurance for All by 2047".

The report presents a clear roadmap to make insurance accessible, affordable and reliable for all the citizens. It highlights the need for innovation, technology adoption, regulatory clarity and strong institutional trust to expand insurance coverage across the country. 

Prepared by Senior faculty members of IIM Kozhikode, the report is based on extensive research and discussions held during a two-day offsite meeting with regulators and industry stakeholders. The experts studied key challenges such as low insurance penetration, affordability issues and lack of awareness, especially among informal workers and rural populations.  The report suggests promoting low-cost basic insurance products, encouraging digital payments and  using technologies like Artificial Intelligence, Data Analytics to improve underwriting, fraud detection and customer service.

It also recommends strengthening distribution channels through post offices, CSCs, SHGs and digital platforms. Experts stressed that insurance should be treated as a national mission rather than only a business activity. With timely reforms and coordinated efforts by the government, regulators, insurers and technology providers, insurance can become a strong pillar of India's social security and economic resilience.

The IIM Kozhikode team concluded that achieving "Insurance for All by 2047" is possible if reforms are implemented with discipline , innovation and a long term vision focused on public welfare.

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