SUBSCRIBE NEWSLETTER
Insurance IRDAI to start creating database of 21 lakh agents from next month

IRDAI to start creating database of 21 lakh agents from next month

The insurance regulator is already in the process of creating a database of other insurance intermediaries like brokers, corporate agents and web–aggregators.
Rosevina Gonsalves and Nishant Patnaik Sep 18, 2017

Soon, insurers will have to upload the details of their agents on the newly formed insurance intermediary portal.

Nilesh Sathe, Member (Life), IRDAI told Cafemutual that IRDAI has instructed Insurance Information Bureau (IIB) to start uploading database of 21 lakh insurance agents from next month.

He said, “We are currently in the process of uploading details of corporate agents like banks and intermediaries such as brokers and web aggregators. We have estimated that these intermediaries have 1.30 lakh sales representatives. We expect that IIB will complete this task within a month.”

He further added, “The insurance industry has a total agency force - life insurance and non-life insurance agents of 21 lakh and we plan to include them in our centralized database of insurance intermediaries by next month.”

Currently, IIB has been uploading this database on its newly launched centralized database portal for intermediaries called ‘ENVOY’. IIB had developed this platform to keep a record of all point-of-sale persons (PoSPs). However, IRDAI has now extended it to all the other insurance intermediaries.

IRDAI believes that this activity will help them monitor insurance agents and intermediaries. In a circular issued last month, IRDAI 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 (POS) do not work with multiple insurers in the same business category, IRDAI has initiated the central database.

Soon, insurers will have to upload the details of their agents on the newly formed insurance intermediary portal.

Nilesh Sathe, Member (Life), IRDAI told Cafemutual that IRDAI has instructed Insurance Information Bureau (IIB) to start uploading database of 21 lakh insurance agents from next month.

He said, “We are currently in the process of uploading details of corporate agents like banks and intermediaries such as brokers and web aggregators. We have estimated that these intermediaries have 1.30 lakh sales representatives. We expect that IIB will complete this task within a month.”

He further added, “The insurance industry has a total agency force - life insurance and non-life insurance agents of 21 lakh and we plan to include them in our centralized database of insurance intermediaries by next month.”

Currently, IIB has been uploading this database on its newly launched centralized database portal for intermediaries called ‘ENVOY’. IIB had developed this platform to keep a record of all point-of-sale persons (PoSPs). However, IRDAI has now extended it to all the other insurance intermediaries.

IRDAI believes that this activity will help them monitor insurance agents and intermediaries. In a circular issued last month, IRDAI 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 (POS) do not work with multiple insurers in the same business category, IRDAI has initiated the central database.

1 Comment
NARENDRA PRATAP SINGH · 3 weeks ago
Good decision
Wish to stay on top of your game? Get daily tips, ideas and articles to grow your business.
Subscribe to Cafemutual Newsletter.