IRDAI Member Urges Insurers To Cut Costs And Fix Mis-selling For Affordability

Deepak Sood, a senior member of the Insurance Regulatory and Development Authority of India (IRDAI), emphasized the need for insurance companies to reassess their cost structures and address issues of mis-selling during his address at the 'InsureInd' event organized by the Confederation of Indian Industry (CII) in Kolkata. Sood highlighted that enhancing affordability for consumers should be a priority for insurers, urging them to critically evaluate the value delivered through various products, distribution channels, and business lines. His remarks come at a time when the insurance sector is grappling with challenges related to consumer trust and market penetration. By focusing on cost-cutting measures and ensuring transparent sales practices, insurers can not only improve customer satisfaction but also foster a more inclusive insurance environment. Sood's call for action reflects a broader push within the industry to make insurance more accessible and reliable for all segments of the population, thereby driving growth in an important sector of the Indian economy.