The Covid-19 pandemic began as a health crisis and quickly developed into a financial one, as all economic activity came to a sudden halt for a few months. It has been a wakeup call for all us to take proactive steps to remain financially protected and secure in the face of unforeseen exigencies.

The Hon’ble Union Cabinet Minister for Finance, Mrs. Nirmala Sitharaman announced an increase in the Foreign Direct Investment (FDI) limit in insurance from 49% to 74%. She also proposed to amend the Insurance Act, 1938 and launch a new ‘Investor Charter’ for investor protection in her Union Budget (2020-2021) speech on February 01, 2021. This move is poised to increase capital flow into the sector significantly, and positively impact the Indian economy as a whole.

Now is an important time for the insurance sector, a pivot point one may say, that will catalyse a structural change in the sector, also changing the way it functions and operates completely. We believe, a “Customer-Centric” and “digital-first” approach will be the way forward. Dynamic technologies such as IoT will enable analytics by capturing real-time data and drive decision-making. Customers will be more proactive than reactive in their insurance matter related decisions. Systems, processes and the very architecture of the insurance businesses will change. All, as large foreign capital flows into the sector now.

Considering the above, the Institute of Directors (IOD), India organizing the ‘Directors’ Dialogue Series’, with a focus on the Financial Services & Insurance Sector - a special webinar to deliberate ‘Preparing the Financial Services Sector for future - Board’s Opportunities & Challenges’, on Wednesday, March 10, 2021, 1445 hrs onwards to discuss and deliberate the opportunities & challenges that are driving forces for Directors in the sector, as we move in the next normal.