Now agents can hire sales representatives to sell insurance policies
The board of directors of insurance companies will have to approve remuneration structure of such sales persons, clarified IRDAI Chairman, T.S. Vijayan.
by Nishant Patnaik Feb 5, 2016
IRDAI asks insurers to develop a platform for distributors
IRDAI Chairman T.S. Vijayan stressed the need to reduce turnaround time and simplify sales process for agents through technology.
by Nishant Patnaik Feb 2, 2016
LIC to leverage its newly launched repository service to promote direct plans
LIC will enable policyholders to buy policies online directly through its repository service called ‘e-services’.
by Nishant Patnaik Feb 2, 2016
IRDAI proposes stricter norms for health insurance sector
The insurance regulator has proposed to increase the minimum requirement of members from 10 to 20 for a group health insurance policy.
by Team Cafemutual Jan 29, 2016
To curb mis-selling, IRDAI may issue unique identity to sales persons in large distribution firms
To curb mis-selling, IRDAI chairman T.S. Vijayan stressed the need to allot a unique identification number for sales persons of corporate agents like banks.
by Nishant Patnaik Jan 28, 2016
Open architecture in insurance distribution needs time to pick up: Vijayan
Only 4-5 individuals and entities have approached IRDAI to float insurance marketing firm (IMF) so far.
by Nishant Patnaik Jan 28, 2016
Insurers should invest in their agents to grow business: McKinsey & Co.
McKinsey & Co. has recommended insurance companies to train their distributors on business development skills and technology to increase penetration of insurance.
by Team Cafemutual Jan 28, 2016
IRDAI eases norms for erring insurance intermediaries
The insurance regulator has eased its stand against insurance brokers who violate distribution norms.
by Team Cafemutual Jan 22, 2016
Distributors should be remunerated more than CEOs of insurance companies: T.S. Vijayan
IRDAI Chairman T.S. Vijayan said that distributors put a lot of efforts to solicit insurance policies and hence they deserve adequate compensation.
by Nishant Patnaik Jan 22, 2016
Vijayan expresses concern over converting single premium policies into regular policies
A few companies have reportedly converted single premium policies into regular premium policies in order to get better compensation.
by Nishant Patnaik Jan 22, 2016
Penetration of insurance at a 9-year low
Both life and non-life insurance industry saw a decline in their penetration levels.
by Team Cafemutual Jan 21, 2016
Brokers to get higher incentives than agents
IRDAI has allowed insurance companies to reward insurance intermediaries with incentives in the form of gratuity, insurance cover, promotional gifts, office expenses etc.
by Nishant Patnaik Jan 16, 2016
IRDAI proposes to increase commissions on motor insurance policies from third year
The insurance regulator has proposed commission payouts of 10% of annual premium in the first two years and 15% of annual premium thereafter.
by Nishant Patnaik Jan 15, 2016
IRDAI to bring parity in commission payouts in health insurance segment
Typically, life insurers pay higher commissions in health insurance policies compared to general insurers and standalone health insurers.
by Nishant Patnaik Jan 14, 2016
IRDAI to hike upfront commission to 50% in term plans
Traditional policies like whole life insurance, endowment and money back can continue to pay first year commission of 35% of annual premium.
by Nishant Patnaik Jan 14, 2016
