Odisha Holds First State Level Insurance Committee Meeting to Deepen Insurance Penetration

Bhubaneswar: The inaugural meeting of the State Level Insurance Committee (SLIC) was held today in Bhubaneswar, chaired by Development Commissioner cum Additional Chief Secretary, Anu Garg, IAS. The SLIC is envisioned as a tripartite institutional mechanism involving the Insurance Regulatory Development Authority of India (IRDAI), the Odisha State Government, and insurance companies. Its primary objective is to assess the state’s insurance coverage and develop measures to achieve the goal of “Insurance for All” by 2036.

During the meeting, significant attention was given to the issue of poor claim settlement under the Pradhan Mantri Fasal Bima Yojana (PMFBY). Expressing serious concern, the committee directed insurance companies to prioritize and expedite the settlement of all pending claims. Garg emphasized the importance of making insurance more accessible and user-friendly for the general public. She stressed the need to simplify procedures through technology-driven platforms and AI-based mechanisms, develop affordable insurance products, and address the trust deficit between insurers and the insured. Strengthening grievance redressal systems was also highlighted as a critical step in building a robust insurance ecosystem in Odisha.

The committee designated the Life Insurance Corporation (LIC) of India as the nodal lead insurance company for the SLIC. It was also decided that specialized subcommittees would be constituted to address sector-specific insurance issues, such as those related to life, crop, motor, and health insurance. The committee underscored the importance of collaboration among insurance providers, the government, and regulators to streamline claim settlements and enhance service delivery.

The meeting witnessed the participation of several senior officials and key stakeholders, including Satyajit Tripathy, Member Secretary of IRDAI; Siddhartha Mohanty, Chairman of LIC; S.P. Mohanty, Regional Director of RBI; and MDs and CEOs of lead insurers such as M. Jagannath of LIC, Parag Raja of Bharti AXA Life Ltd., Anil Kumar Agarwal of Shriram General Insurance Ltd., and Alok Kumar Agarwal of Zurich Kotak General Insurance Ltd. Principal Secretary of Finance Saswat Mishra, Principal Secretary of Agriculture and Farmers’ Empowerment Dr. Arabinda Kumar Padhee, and Director of Institutional Finance Dr. Pragyansmita Sahoo were also present, along with other secretaries and senior officials of the state government.

In her address, Garg called for the SLIC to set a gold standard in the insurance sector, akin to the State Level Bankers’ Committee in the banking sector. The committee aims to regularly assess the state’s insurance landscape, strategize to increase penetration, and play a vital role in achieving socio-economic resilience.