'Tech-savvy actuaries can help lower premiums'

The use of technology and data analytical tools can help reduce insurance premiums, a key step towards achieving India's goal of providing insurance for everyone by 2047, M Nagaraju, secretary of the Department of Financial Services, said on Tuesday.

"If you have better actuaries, with technological improvements and AI (artificial intelligence), we will be able to reduce the premiums," Nagaraju said at the sidelines of the 24th Global Conference of Actuaries here. "Ultimately, each one should have insurance cover by 2047 when India becomes a developed nation," he said.

Currently, insurance penetration is only 3.7% compared to the global average of 7%.


Nagaraju urged actuaries to use "cutting-edge analytical tools to bring down premium as well as design better products".

The adoption of blockchain technology in India is enhancing transparency and security in financial transactions, benefiting the insurance and financial sectors, he said.