Insurance

IRDAI has asked insurance companies to build infrastructure for sharing information with account aggregators after proper authentication of investors’ consent.

The insurance regulator has clarified that insurance agents and intermediaries can use the upcoming digital distribution platform ‘Bima Sugam’.

Trinath Lenka, who runs insurance marketing firm is on the 24-member-committee that would suggest IRDAI to develop a new distribution channel ‘Bima Vahak’.

Under this initiative, the regulator is likely to allow women individuals to distribute insurance policies in rural areas.

The 15-member committee will identify concerns of policyholders related to health insurance.

Over the last one year, Max Life Insurance has added close to 50,000 agents, highest among all insurers.

The new AML/CFL guidelines makes it mandatory for insurers to do proper due diligence before selecting agents and intermediaries.

The insurance regulator has also asked insurers to provide health cover to persons with mental illness.

Overall, the industry has added over 1 lakh new agents in one year.

The insurance regulator has also fined Max Life Insurance Rs.3 crore for violating norms like transferring of share at unfair market value and giving undue monetary gain to its corporate agent.

They lead in ‘third party’ motor insurance but have lost ground in 'own damage' motor insurance space.

IRDAI proposes launch of e-insurance policy along with e-proposal form through which insurance intermediaries can sell insurance policies completely online.

India is ahead of China (at 2.4%) and UK (at 3%).