Insurance

This practice is prevalent in international markets.

In just eight months, 30 new entities have received licenses from IRDAI to float Insurance Marketing Firm (IMF), taking the total count of such players to 34.

Nilesh Sathe, Member - Life, IRDAI said that while online distribution channel may grow in the days to come, traditional agency channel will not be affected as people need handholding to buy insurance policies.

IRDAI Member Nilesh Sathe said that the insurance regulator will finalize the commission structure of agents in the upcoming board meeting.

Policyholders have been asked to verify transactions using OTP in addition to digital signature or Aadhar eKYC.

That means, life insurers will have to reverse the penalty amount which they charge on discontinuance of premium payments.

IRDAI chairman TS Vijayan said that issuing a unique identification number to sales persons of banks can help curb mis-selling.

Overall, the insurance industry has witnessed an attrition of 27,000 agents over the last one year.

The insurance regulator is looking forward to allowing point of sales representatives who are appointed by agents to sell life insurance products along with health, crop and other non-life products.

Internet of Things (IoT), Robotic Process Automation (RPA) and blockchain technology will revolutionize insurance business, predicts EY.

The insurance regulator is working with associations like life insurance council (LIC) and general insurance council (GIC) to ascertain how GST will impact the insurance industry.

The success of PMJJBY teaches the life insurance industry how insurance products are designed, marketed and distributed among the masses.

The company was found to have violated IRDAI norms such as distribution of policies through unauthorized agents/entities and paying additional commission to its corporate agents.

IRDAI Chairman T.S. Vijayan told Cafemutual that the insurance regulator will finalize the commission structure by October.