Next time when a postman knocks your door, he could be selling an endowment policy to you.
In a bid to improve the penetration of insurance in India, IRDAI along with India Post Payment Bank (IPPB) is planning to utilize network of over 3 lakh postmen and grameen dak sewaks across the country to sell insurance policies.
The insurance regulator has recommended IPPB to appoint postmen and grameen dak sewaks as point of sales persons (PoSPs) to solicit insurance policies. IRDAI said, “These postmen and grameen dak sevaks will be operating largely in un-banked and under-banked geographical areas and can provide the last mile reach to sell insurance products in remote and rural areas. This would provide financial inclusion and increase insurance density and penetration in the country which is in line with the objective of the IRDAI.”
IRDAI had allowed insurance companies and insurance intermediaries like agents, brokers and insurance marketing firms to appoint sales representatives, i.e., PoSPs across the country.
IRDAI said that IPPB can become a corporate agent to distribute policies of multiple insurance companies through its extensive network of postmen. IPPB will be responsible for training and certification of postmen and grameen dak sevaks, the daily reconciliation and reporting of all transactions, compliance to code of conduct and compliance with KYC norms.
Also, IPPB will have to set up a robust grievance redressal mechanism to address grievances raised by customers and put in place a system to identify the postman and grameen dak sevak who has sold an insurance policy to the prospect, said IRDAI.
