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IRDAI has appointed Bhubaneswar MFD Trinath Lenka of Wallet Finserve who also runs an insurance marketing firm WC Wallet Advisory as a member of its 24-member committee headed by M Devasia, Member, Non-Life, IRDAI.
Other members include senior regulatory officials, MDs and CEOs of insurance companies and president of agent and brokers association.
The committee will give suggestions on increasing insurance penetration rural areas by constituting a new distribution channel called Bima Vahak.
Bima Vahaks are expected to distribute life and general insurance policies in rural areas. Most likely, this would be a women centric distribution channel in which individual women will be encouraged to take up insurance distribution business in rural areas.
Trinath told Cafemutual that he was very proud to be selected on the committee that will suggest ways to increase insurance penetration in rural areas. He said, “I have been running insurance marketing firm since 2017. I have a retail focussed business. Also, I run a fully compliant company where we get our business audited by external agencies. Perhaps, this is the reason why the insurance regulator has selected us. I will use this opportunity to represent the voice of rural investors and individual distributors.”
Trinath manages AUM of over Rs.300 crore in mutual funds and receives yearly premium of Rs.80 crore through insurance distribution.