Make process of claims seamless, painless: Thakur tells insurers

Minister of State for Finance Anurag Thakur on Friday asked the insurance industry to focus on "ease of claims" with a view to making the whole process painless and seamless. Observing that the post-COVID-19 world will be very different, he said India's insurance sector must gear up to seize the moment through further digitalisation and emphasis on trust building.

Minister of State for Finance Anurag Thakur on Friday asked the insurance industry to focus on "ease of claims" with a view to making the whole process painless and seamless. The insurance industry should gear up to seize the moment as the post-COVID-19 world is going to be very different, he added. "While the government accelerates ease of doing business, the insurance companies should work towards bringing ease of claims by making it painless," Thakur said while addressing the 21st edition of the annual insurance conference 'FINCON 2020'. "A seamless process will further help dispel the impression that the insurance companies may not own up to claims swiftly. This single step will boost customer confidence and help insurance companies penetrate the market," he said. India has a vibrant insurance industry that has spearheaded the government's policy of insuring the uninsured. The industry has gradually pushed insurance penetration in the country, he noted. "Whether it's Pradhan Mantri Fasal Bima Yojana, Ayushman Bharat Pradhan Mantri Jan-Arogya Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha BimaYojana, or innovated insurance products like 'Arogya Sanjeevani' and 'Corona Kavach', by partnering together we have brought ease of living for our people," he said. Observing that the post-COVID-19 world will be very different, he said India's insurance sector must gear up to seize the moment through further digitalisation and emphasis on trust building. "My assurance to the insurance industry, that we will work with you to unleash the potential of this sector to create more employment, provide innovative products and building a culture of risk management in the country," he said.