Seventh Global Insurance Summit was held at Hyderabad in Andhra Pradesh on 8 January 2014. The summit was organised by National Council on Insurance of Associated Chambers of Commerce and Industry of India (ASSOCHAM).
The focus of the summit was on the need for simplifying the insurance process and to provide financial security for the masses in India.
At the summit IRDA advocated for a single policy covering all basic need of insurance which would be more effective to increase insurance penetration in India.
Cost effective ways of distributing insurance covers would be key to success in increasing insurance coverage among low income groups. Issuance of e-policies through insurance repositories would reduce policy issuance costs significantly.
If you have any Question/Point on the above information, please ask/discuss it in the Current Affairs Group.