Insurers face broader expectations on stress testing, collateral quality, recapture planning and reinsurer due diligence under the revised guidelines, which apply from July 1.
Home minister Amit Shah said the venture would build on IFFCO's existing joint venture with Tokio Marine to widen the cooperative sector's role in insurance.
Rising medical inflation and ageing populations are forcing life and health insurers to shift from product distribution to life-stage design and value generation.
Executives at ITC Asia said insurers should make data collection a visible value exchange while simplifying disclosure, reducing friction and improving customer experience.
The exercise will monitor customer-facing practices across the industry over nine months as regulators intensify scrutiny of digital distribution channels.
