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Lead-insurer system rolls out in India

The Insurance regulator of India, IRDAI is in the process of implementing its vision of “Insurance for all by 2047” by rolling out lead-insurer system and promote accessible and affordable insurance. Zuno General Insurance (formerly Edelweiss General) is one of the insurance companies being appointed under the system.

Zuno has got a mandate from IRDAI to be the lead insurer in the state of Goa and enhance insurance reach and accessibility, with a focus on life and health protection, natural calamities, MSMEs, and employment. Zuno has specific plans for target groups like fishermen, rural and women self-help groups, MSMEs, and uninsured vehicle owners.

As per Zuno, Goa’s literacy and poverty rate indicates potential for increased insurance awareness, with Motor insurance dominating the market, followed by fire, property, and marine cargo insurance.

Prominent lead insurers include Universal Sompo General Insurance, Star Health and Allied Insurance, and Aegon Life Insurance, for the state of Andhra Pradesh. SBI General Insurance is the designated lead insurer for Meghalaya, a state in northeastern India.

Lead-insurer system for a state is a novel concept introduced by IRDAI to increase insurance penetration and drive financial inclusion. Its implementation is monitored by a coordination committee, including the insurers, state government and IRDAI representatives.

Optima’s core group has more than 100 man-years of experience in insurance. Our experience has trained us in reading the fine print of insurance policies, understanding it and applying it for the benefit of our clients.

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