India Insured by 2047: The Role of Insurance Companies, Distribution Networks and Regulatory Frameworks

Abstract

This research article discusses the role of three key pillars i.e., insurance companies, distribution network, and regulatory frameworks that contribute to the growth and stability of the Indian insurance sector. It presents the key drivers and challenges for India to achieve the target of ensuring universal insurance coverage by 2047. The study provides valuable insights for policymakers and other stakeholders by highlighting the role that insurance company can play to ensure greater accessibility of insurance products for all through underwriting and managing various insurance products to cater to the diverse needs of the Indian population. It emphasizes the importance of an efficient distribution network to have a wider reach and the significance of a regulatory framework in safeguarding the interests of both insurers and policyholders.