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IRDAI recently conducted a two-day event called Bima Vitarak Manthan dedicated to insurance intermediaries.
In this event, insurance intermediaries like brokers, corporate agents and insurance marketing firms participated to discuss the future of insurance distribution.
The event aimed to bring reforms in the distribution landscape and enhance the role of intermediaries in insurance business.
IRDAI said, “Over the course of two-days, participants engaged in constructive discussions centered on driving multi-faceted reforms in the distribution landscape. IRDAI unveiled its vision of instituting principle-based regulations for the operations of intermediaries effectively, enhancing their role in facilitating greater access to insurance for all segments of society. The Chairman, IRDAI emphasized on creating an insurance ecosystem which is highly sensitive to the needs of the policyholders propelling towards “Zero Friction, Zero Pain-points and Zero Complaints” environment.”
The regulator also discussed measures to reduce mis selling and force selling along with setting up an effective grievance redressal mechanism.
IRDAI also urged distributors to leverage technology to reduce distribution costs and ensure last mile connectivity with customers.
