Insurers may soon have to lower commissions to insurance agents in certain product categories, such as participating products even as they are faced with high agent attrition.
Incidentally, to improve the returns on insurance products, the Insurance Regulatory and Development Authority of India (IRDAI) has approved a proposal to bring down insurers’ overall expenses by around 15 per cent, said Nilesh Sathe, Member-Life, IRDAI.