NIA’s 21st Insurance Summit Brings Together Regulators and Industry Leaders to Advance Product Innovation Reimagine and Realign India’s Insurance Risk Landscape for 2047
Pune: The National Insurance Academy (NIA), Pune, successfully concluded the 21st Insurance Summit 2025, which brought together senior leaders, regulators, reinsurers, actuaries, and InsurTech experts for a comprehensive discussion about the future of product innovation in India’s insurance sector. The summit, themed “Product Innovation: Reimagining and Realigning,” focused on accelerating the industry’s contribution to India’s aspiration of Viksit Bharat 2047 and IRDAI’s vision of Insurance for All by 2047.
The event opened with a welcome address by Mr. B.C. Patnaik, Director, NIA, followed by opening remarks from Mr. Ratnakar Patnaik, MD, LIC of India, a special address by Mr. Sanjay Kedia, CEO, Marsh McLennan India and President & CEO, Marsh India Insurance Brokers Pvt. Ltd., and a keynote by Ms. Girija Subramanian, CMD, The New India Assurance Co. Ltd. The Chief Guest, Mr. Satyajit Tripathy, Member (Distribution), IRDAI, delivered an address highlighting the regulator’s priorities for future-ready insurance solutions.
The discussion during the day highlighted that India’s insurance ecosystem is approaching an important decade—one in which simplicity, transparency, technological integration, and inclusive coverage will determine long-term industry growth. Participants agreed that modernizing products and improving distribution capabilities are not only operational requirements, but also strategic imperatives for developing a strong, future-ready insurance architecture.
Speaking at the Summit Mr. B.C. Patnaik, Director of NIA, said, “The summit created a meaningful space for industry, policy and academic voices to converge on the reforms and innovations that will shape the next phase of India’s insurance growth. The insights shared today reinforce the sector’s commitment to building an ecosystem that is simplified, inclusive and deeply trusted.”
Mr. Ratnakar Patnaik, MD, LIC of India, said, “The path to “Insurance for All” involves inclusive and digital distribution strategies, operational efficiency, and product clarity. LIC continues to be committed to facilitating this change by implementing forward-thinking, progressive changes that encourage innovation in the value chain.”
Mr. Sanjay Kedia, CEO, Marsh McLennan India and President & CEO, Marsh India Insurance Brokers Pvt. Ltd., “India’s risk environment is becoming increasingly interconnected. Product innovation, deeper advisory capabilities and data-driven distribution will play a crucial role in building resilience for enterprises and communities alike.”
Ms. Girija Subramanian, CMD, The New India Assurance Co. Ltd. “Innovation must go beyond Enhancement of awareness and move toward realignment—ensuring relevance, affordability and adaptability. A collective sectoral push will be essential to expand meaningful protection across both emerging and underserved segments.”
Address by Chief Guest Mr. Satyajit Tripathy, Member (Distribution), IRDAI “Our vision is to shape an inclusive insurance landscape where every citizen has equal access, clear understanding, and complete confidence in the protection they receive.
