Global Fintech Fest 2023: IRDAI exploring flexible, do-it-yourself insurance products, says Chairperson Debasish Panda

 

During his address at the Global Fintech Fest 2023, Insurance Regulatory and Development Authority of India (IRDAI) Chairperson Debasish Panda said that the firm is pursuing reforms in the insurance sector in order to explore and offer flexible, do-it-yourself insurance products. “IRDAI is actively pursuing reforms in the insurance sector to enhance its adaptability and responsiveness. We are currently at a juncture marked by personalized offerings and shifting consumer preferences. To meet these changes, we are exploring flexible, do-it-yourself insurance products, leveraging advisory technologies and digital assistants. We anticipate a future where insurers can efficiently manage large and diverse data sources, harnessing quantum computing to revolutionize risk assessment and decision-making, thereby significantly improving the insurance lifecycle,” said Debasish Panda.

Debasish Panda discussed new technological developments lined up for the insurtech sector. He said, “AI algorithms combined with machine learning models and predictive analysis will be leveraged to make underwriting an essential process in the insurance industry. Process automation will help increase the speed of traditional processes that require manual intervention. Further, conversational AI will be harnessed in the insurance industry throughout the value chain and will help customers by assisting them during various stages of insurance procurement to claim process.”

Underlining his vision for the future of the sector, Debasish Panda said, “It is safe to say that smart contracts, parametric triggers and decentralised insurance would be the future. Simple, fast, automated and efficient – that is where we want to reach. Accessibility, availability, awareness, choiceness, healthy competition all led by technology is the way forward.” 

He also applauded India for its progress in the fintech sector. The session was moderated by Sarbvir Singh, Joint Group CEO, PB Fintech.

GFF 2023 is supported by the Ministry of Electronics and Information Technology (MietY), the Department of Economic Affairs (DEA), Ministry of Finance, the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA) and is organized by the Payments Council of India (PCI), Fintech Convergence Council (FCC), and National Payments Corporation of India (NPCI).

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Stocks To Watch: Kotak Bank, Infosys, ITC, Hindalco, Maruti Suzuki, Hero MotoCorp, Eicher Motors

 

Stocks in focus: GIFT Nifty traded 0.03% higher during Monday’s early trading session at 19,553, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, the Sensex closed above the 65,300 mark, while the Nifty topped 19,400 by close. Sectors like metals, energy, automotive, and banking all saw gains, whereas healthcare and pharmaceutical stocks faced some downward pressure.

“Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data. This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks. The positive opening in global markets provided additional momentum for investor sentiment, particularly as US PCE inflation aligned with expectations,” said Vinod Nair, Head of Research at Geojit Financial Services.

Kotak Mahindra Bank

Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank with effect from September 1, the bank said on Saturday in a regulatory filing. He will, however, continue as a non-executive director of the bank. 

IDFC First Bank

GQG Partners acquired a 2.6% stake in IDFC First Bank for Rs 1527 crore, according to bulk deals data from BSE. Cloverdell Investment, the primary public shareholder of the private bank, sold approximately 4.2% stocks at Rs 89 each.

Infosys

India’s second largest IT company Infosys announced that it has completed the acquisition of Danske Bank’s IT centre in India. 

Mindspace REIT

Mindspace Business Park REIT has acquired 0.24 million square feet (MSF) of leasable area at Commerzone in Porur, Chennai for a consideration of Rs 181.6 crore, including the transaction cost. The company said that the acquisition will help it to consolidate its ownership in the project

ITC

Diversified group ITC on Sunday said it will invest around Rs 1,500 crore to set up an integrated food manufacturing and logistics facility and a sustainable packaging products manufacturing facility at Sehore in Madhya Pradesh. The two projects spread over an area of nearly 57 acres will give a boost to agricultural and manufacturing sectors in Madhya Pradesh

Hindalco

Hindalco Industries has signed a shareholder’s agreement and power purchase deal with Seven Renewable Power, aiming to acquire a 26% share in SRPPL at a cost of Rs 32.5 lakh. Their objective is to create and manage a captive power facility that will consistently supply 100 MW of renewable energy to its smelter based in Odisha.

Maruti Suzuki, Hero MotoCorp, Eicher Motors

Auto manufacturers are releasing their sales figures for August. Traders will keep an eye on the following scrips.

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