IRDA has accredited 3075 off-line agents training institute across the country out of which only 32 institutes from metropolitan cities like Delhi, Mumbai, Chennai, Kolkata, Bangalore, Pune, Ahmedabad and Hyderabad. IRDA has accredited maximum numbers of agents training institutes in small towns like Guntur, Jhansi, Sholapur, Gwalior, Bhilai, Bokaro etc. in order to increase insurance penetration.
IRDAdata shows that it has accredited 355 institutes in Maharashtra, 311 in Andhra Pradesh and 242 in Tamil Nadu. Out of total 3075 institutes, 2452 centers will impart training in life insurance whereas 381 institutes will provide education in non-life insurance. Around 242 training institutes will impart trainingin both life and general insurance. For this, IRDA has selected 96 institutes for imparting training to candidates.
Nisreen Mamaji of Moneyworks Financial Advisers feels that the move will boost the insurance sector. “Insurance industry is currently facing many problems due to lack of insurance agents. In recent days, many insurance agents have left the professions resulting in increase of orphan policies. With these agents training institutes, unemployed people especially youth can take training and become insurance agents”, said Nisreen.
Nikhil Kothari of Etica Wealth Management believes that more people will be attracted to sell insurance with this move. “Like RBI has mandated opening of branch in small towns for banking license, IRDA too has allowed maximum numbers of centers in small towns. It will reduce unemployment in rural areas and also increase insurance penetration,” said Nikhil.