Life insurance companies should pay commission to their agent or intermediaries on the day of receipt of premium, said Anup Bagchi, CEO, ICICI Prudential Life Insurance.
This was discussed during a panel discussion at the Business Standard’s BFSI Insight Summit. Vidha Padalkar, CEO, HDFC Life Insurance, Mahesh Balasubramanian, CEO, Kotak Life Insurance, and Anup Bagchi, CEO, ICICI Prudential Life Insurance spoke about increasing coverage of life insurance. Tamal Bandyopadhyay, consulting editor, Business Standard moderated this panel.
Here are other key highlights of the session:
- Technology can help the industry credit the same day commission to agents and intermediaries
- Currently, ICICI Prudential Life Insurance pays same-day commission to their top agents
- Introduction of ‘insurance score’ similar to credit scores to evaluate risk and offer customized premium
- Aadhaar should be made mandatory to receive medical assistance in government hospitals. This would help life insurance companies understand the health conditions of policyholders
- Social media can be used to reduce the instances of unclaimed policies
- Insurance industry should develop fraud directory to overcome fraudulent activities