IRDAI Announces Reforms to Lower Insurance Costs and Improve Affordability

The Insurance Regulatory and Development Authority of India (IRDAI) plans several reforms over the next 4-6 months to reduce insurance costs and improve affordability. Initiatives include revamping distribution and commission structures, launching an insurance e-marketplace, and promoting digital tools. IRDAI aims to lower acquisition and management expenses, address health insurance complaints through insurer-hospital collaboration, and expand coverage for underserved groups. Officials emphasize aligning incentives with long-term value and enhancing product accessibility and customer trust.