Insurance

Nilesh Sathe, Member (Life), IRDAI asserted that many agents end up getting only 10% of total premium as first year commission instead of 35%.

IRDAI has allowed insurance companies to appoint automobile dealers as intermediaries to distribute motor insurance policies.

Simply put, insurance agents can on board new clients through Aadhaar card.

RBI committee recommends uniformity between first year commission and renewal commission to improve the persistency ratio.

Increase in new business premium and increased persistency ratio have helped the life insurance industry record 19% growth in its AUM.

In fact, the insurance regulator has asked insurance companies to upload data of their corporate agents and brokers on a new platform. In the next phase, IRDAI will ask insurers to put details of their agents.

The company claims that this merger is the first merger of two major non-life insurance companies.

IRDAI Chief TS Vijayan has said that the insurance regulator is not keen on pushing insurance companies to reduce premium amount on direct sales.

Non-life insurers reduced their commission expenses by 61% in FY 2016-17.

ICICI Lombard general insurance introduces video inspection feature in its mobile app through which policyholders can share video of a car damage to avail motor insurance claim.

LIC alone paid commission of over Rs.15,000 crore last year.

The insurance regulator believes that technology will not overpower agents.

Initially, the insurance regulator had allowed sales representatives to sell simple life, motor third party and government backed policies.

The Supreme Court has directed insurance companies not to renew motor insurance policies without pollution under control (PUC) certificate.

IRDAI Chief TS Vijayan believes that the industry should develop technology for agents and brokers to help them expedite sales process.