India's Financial Services Secretary Calls for Data-Driven Insurance Reform

India's Financial Services Secretary M Nagaraju emphasized the need for better data utilization in risk assessment models to accurately reflect premiums. He also stressed the importance of diversifying insurance products to cater to India's vast population. These statements align with the government's broader insurance sector reforms, including extending the free-look period to one year and introducing composite insurance licenses. The proposed changes aim to improve insurance penetration and density in India, with discussions on allowing 100% FDI in the sector nearing completion.

Sources: Economic Times, Reuters, Ministry of Finance (India)