Insurance

IRDAI Chairman T S Vijayan said that insurance marketing firm (IMF) will be a game changer in the insurance distribution space.

SBI Life was found to have solicited business through unauthorized agents.

IRDAI Chairman T S Vijayan said that central KYC will help increase insurance penetration.

IRDAI Chairman T.S. Vijayan has said that insurance intermediaries can grow their business by appointing point of sales persons (PoSPs).

The insurance regulator will finalize the commission structure of agents by October.

This practice is prevalent in international markets.

In just eight months, 30 new entities have received licenses from IRDAI to float Insurance Marketing Firm (IMF), taking the total count of such players to 34.

Nilesh Sathe, Member - Life, IRDAI said that while online distribution channel may grow in the days to come, traditional agency channel will not be affected as people need handholding to buy insurance policies.

IRDAI Member Nilesh Sathe said that the insurance regulator will finalize the commission structure of agents in the upcoming board meeting.

Policyholders have been asked to verify transactions using OTP in addition to digital signature or Aadhar eKYC.

That means, life insurers will have to reverse the penalty amount which they charge on discontinuance of premium payments.

IRDAI chairman TS Vijayan said that issuing a unique identification number to sales persons of banks can help curb mis-selling.

Overall, the insurance industry has witnessed an attrition of 27,000 agents over the last one year.

The insurance regulator is looking forward to allowing point of sales representatives who are appointed by agents to sell life insurance products along with health, crop and other non-life products.

Internet of Things (IoT), Robotic Process Automation (RPA) and blockchain technology will revolutionize insurance business, predicts EY.