T.S. Vijayan, Chairman, IRDAI, has asked insurance companies to develop an in-house platform for their distributors to help them provide ease of transaction and a robust back office support to customers. He was speaking at the launch of ‘e-services’, a newly developed repository for the policyholders of LIC.
Vijayan said, “Though LIC’s newly launched repository will provide convenience to policyholders, the insurance industry should now look at developing a technology that will help their distributors. Through technology, distributors can reduce turnaround time and concentrate more on acquiring new business. This will eventually help the industry increase its penetration.”
At a recent public event, Vijayan said that distributors play a key role in the growth of the insurance industry. They are the means of communication between insurance companies and consumers, he said. He further told Cafemutual that it takes a lot of effort to solicit insurance policies and give after sales services to clients. “Distributors are the face of insurance companies and hence they deserve adequate remuneration for their services; in fact, more than the CEO of an insurance company, he added.
Meanwhile, S.K. Roy, Chairman, LIC said that his company will try to come out with a platform for their distributors soon.