Use technology to make insurance affordable, says Irdai chairman Panda

Panda also nudged the industry to come out with solutions that are pocket-friendly

High operating and distribution costs and inflated hospital expenses have kept the cost of health insurance products elevated, making them unaffordable for a section of the society, Insurance Regulatory and Development Authority of India (Irdai) Chairman Debasish Panda said on Tuesday.

“We have to look at ways of reducing expenses to make insurance affordable,” said Panda, while addressing the Health Insurance Summit organised by the Confederation of Indian Industry.

The Irdai chairman suggested that advanced technological solutions such as using artificial intelligence for creating tailor-made health insurance products can be the way out.

Panda also nudged the industry