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  • Insurance IRDAI asks insurers to develop a platform for distributors

    IRDAI asks insurers to develop a platform for distributors

    IRDAI Chairman T.S. Vijayan stressed the need to reduce turnaround time and simplify sales process for agents through technology.
    Nishant Patnaik Feb 2, 2016

    T.S. Vijayan, Chairman, IRDAI, has asked insurance companies to develop an in-house platform for their distributors to help them provide ease of transaction and a robust back office support to customers. He was speaking at the launch of ‘e-services’, a newly developed repository for the policyholders of LIC.

    Vijayan said, “Though LIC’s newly launched repository will provide convenience to policyholders, the insurance industry should now look at developing a technology that will help their distributors. Through technology, distributors can reduce turnaround time and concentrate more on acquiring new business. This will eventually help the industry increase its penetration.”

    At a recent public event, Vijayan said that distributors play a key role in the growth of the insurance industry. They are the means of communication between insurance companies and consumers, he said. He further told Cafemutual that it takes a lot of effort to solicit insurance policies and give after sales services to clients. “Distributors are the face of insurance companies and hence they deserve adequate remuneration for their services; in fact, more than the CEO of an insurance company, he added.

    Meanwhile, S.K. Roy, Chairman, LIC said that his company will try to come out with a platform for their distributors soon.

     

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