KK Srinivasan, Former Board Member, IRDAI and Former CEO, Tariff Advisory Committee

KK Srinivasan, Former Board Member, IRDAI and Former CEO, Tariff Advisory Committee

  • Mr. Srinivasan is a former member of the Board of the Insurance Regulatory and Development Authority of India.

 

Podcast

Overview

Insurance, often viewed as a tool for tax saving, offers much more in times of need. Commercial insurance companies, often lag to offer essential services to the poor and vulnerable, owing to the high premiums and lack of awareness. For them, the government schemes like Ayushman Bharat come to offer help. Today, we discuss the operations of the insurance industry, factors to decide the premium rates, benefits of the government schemes, and the importance of insurance.

[00:34] – About KK Srinivasan

  • Mr. Srinivasan is a former member of the Board of the Insurance Regulatory and Development Authority of India.
  • He is also a former CEO of the Tariff Advisory Committee.
  • Mr. Srinivasan started his career as the director group officer of the recruitment agency of Tata.

[02:42] – What are some primary segments of insurance every common human being should be aware of?

  • There are basically three core segments: life, non-life, and health.
  • On top of it is reinsurance, insurance of insurance companies.

[03:41] – What is the role of the IRDAI?

  • There are two main objectives of IRDAI.
  • The first is the protection of the policyholder’s interest.
  • The second is the orderly growth of the industry.

[07:40] – Tell us about Ayushman Bharat and other schemes that are supposed to be covering 50 crore people. How will this benefit the common person?

  • Primarily it is supposed to cover the common man, especially the ones below the poverty lines whom the commercial insurance is unable to reach and help.
  • Ayushman Bharat is a game changer in my perception.
  • It is an attempt to provide a comprehensive range of health services: preventive, promotive, cosmetic, rehabilitative, and palliative.
  • Commercial insurances are mostly post-illness or post-complication help.
  • Ayushman Bharat has built into the preventive side of illness.
  • It has two components: primary healthcare by way of establishing health centers and PMJ, which gives an insurance cover of 10 crores per year to poor and vulnerable families.

[12:10] – What key changes have you observed in the industry, especially in the way insurance companies conduct their business?

  • Most of the companies along with the intermediaries have switched to the online mode.
  • Technology has enabled reducing the cost of operations.
  • Unfortunately, the costs have not been reduced. The reason is that the insurance companies, which are supposed to conduct themselves at minimal costs, are just splurging. The executive salaries are on par with the IT sector. Expenses of management have gone up, and the intermediary payments have become crazy.
  • You pay 25 percent to a broker or an agent, and 25 percent to yourself in salaries. Now only 50 percent is left to take care of the policyholders.
  • This leads to an increase in premiums. Ultimately, the price that the policyholder is paying is skyrocketing.

RESOURCES:

You can connect with KK Srinivasan – LinkedIn

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  • Mr. Srinivasan is a former member of the Board of the Insurance Regulatory and Development Authority of India.
  • He is also a former CEO of the Tariff Advisory Committee.
  • Mr. Srinivasan started his career as the director group officer of the recruitment agency of Tata.

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