Insurance companies will now have to upload the details of their 21 lakh agents on the newly formed insurance intermediary portal by Insurance Information Bureau (IIB).
So far, the insurance regulator has created a database of other insurance intermediaries like brokers, corporate agents and web aggregators.
IIB has been uploading this database on its newly launched centralised database portal for intermediaries called ENVOY. IIB had developed this platform to keep a record of all point-of-sale persons (POSP). However, IRDAI has now extended it to all the other insurance intermediaries.
In a circular issued today, IRDAI said, “The second phase of ENVOY is now ready. Insurers are directed to upload details of their individual agents and insurance marketing firms are directed to upload details of their insurance sales persons in the prescribed format. The web link for ENVOY is https://envoy.iib.gov.in and the data formats for web upload, user guide and other details are available in a downloadable format from the web link.”
Nilesh Sathe, Member (Life), IRDAI had earlier told Cafemutual that the insurance industry has a total agency force – life insurance and non-life insurance – of 21 lakh and the regulator plans to include them in centralised database of insurance intermediaries.
IRDAI believes that this will help them monitor insurance agents and intermediaries. In a circular issued last year, IRDAI had said, “ln an endeavour to ensure that all licensed insurance sales persons working for insurers and intermediaries including entities such as insurance agents, broker, specified persons of corporate agents, web aggregators and point-of-sales persons (POSP) do not work with multiple insurers in the same business category, IRDAI has initiated the central database.”
IRDAI has asked insurers to upload such details by June 30, 2018.
