The Indian insurance sector has entered a new chapter with the appointment of
Mr. Ajay Seth as the Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI). His leadership begins at a critical time when technology, innovation, and customer-centric solutions are reshaping the financial landscape. On the occasion of the
Accounts Aggregator (AA) Foundation Day, Mr. Ajay Seth shared his vision for the future of insurance in India, laying out a roadmap that combines digital transformation with long-term inclusivity.
He congratulated the AA ecosystem for enabling financial data sharing that is safe, simple, and consent-driven, emphasizing how this framework can play a key role in the insurance industry. By allowing individuals to securely share their financial data, the
AA framework empowers insurers to design products that are more
affordable, accessible, and tailored to people's needs. With accurate data and analytics now available, risk assessment becomes sharper, premiums become fairer, and the overall insurance process becomes more transparent.
Mr. Ajay Seth pointed out that by
2025, the adoption of AA will significantly increase within the insurance industry, especially for underwriting term insurance policies. This move has the potential to transform how insurers evaluate risk, process applications, and issue policies. By reducing delays and relying on real-time, consent-based data, insurers will be better equipped to serve customers efficiently. At the same time, insurance companies will be encouraged to innovate further, experimenting with new products and expanding their offerings using the powerful digital infrastructure available in India.
A central part of this transformation lies in the
Digital Public Infrastructure (DPI). Just as DPI has revolutionized payments and digital identity in India, it now promises to change the way insurance is accessed and delivered. Mr. Ajay Seth highlighted the importance of this framework in reaching underserved communities, driving inclusion, and ensuring that the benefits of insurance extend beyond urban markets. With DPI as the backbone, insurers can build stronger connections with customers, integrate seamlessly with other financial services, and bring millions of families into the protective net of insurance.
Underlying all these initiatives is a broader national goal:
“Insurance for All by 2047." As India moves towards its centenary of independence, this vision represents a commitment to universal financial protection. By 2047, the aim is for every Indian household to have adequate insurance coverage, whether it be life, health, or other essential protections. To achieve this, the industry must focus on affordability, accessibility, and awareness. More people need to understand the importance of insurance in safeguarding their futures, and the products offered must be designed to fit the realities of diverse income groups across the country.
Mr. Ajay Seth's message is particularly important because it balances ambition with practicality. On the one hand, the goal of insurance for all signals inclusivity and social security. On the other hand, the reliance on technology-driven frameworks like AA and DPI ensures that the path to this goal is efficient, scalable, and customer-focused. For insurance companies, this represents an opportunity to align with regulatory priorities while also reaching new markets. For consumers, it promises better products, greater transparency, and quicker services.
The appointment of Mr. Ajay Seth as IRDAI Chairperson therefore comes at a transformative moment. His leadership underscores the importance of innovation, digital infrastructure, and long-term vision in building a stronger insurance ecosystem for India. As insurers adapt to these changes and experiment with new models, the industry stands at the cusp of becoming not only more robust but also more inclusive. The journey towards 2047 may be long, but with frameworks like AA and DPI leading the way, and with IRDAI's guidance, the goal of
insurance for every Indian household is no longer a distant dream but a concrete possibility.