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Standalone health insurers paid gross commissions of Rs. 664 crore in FY 2016-17
While individual agents received Rs.480 crore from health insurance sales, banks received Rs.159 crore last fiscal.
by Team Cafemutual Sep 8, 2017
Insurers, agents selling online policies will have to create e-insurance account within 15 days
IRDAI has asked insurance companies and intermediaries such as agents and brokers who sell insurance policies online through insurance self-network platforms to issue e-insurance account to their policyholders.
by Team Cafemutual Sep 7, 2017
Paytm to sell insurance policies, soon venture into mutual funds distribution
The company has received corporate agency license from IRDAI to distribute insurance policies.
by Rosevina Gonsalves Sep 6, 2017
16 crore non-life insurance policies sold in FY 2016-17
Experts attribute this to induction of new agents, increasing demand of motor and health insurance policies and launch of crop insurance scheme.
by Rosevina Gonsalves Sep 5, 2017
High first year commission has no relation with persistency ratio: IRDAI
Nilesh Sathe, Member (Life), IRDAI asserted that many agents end up getting only 10% of total premium as first year commission instead of 35%.
by Rosevina Gonsalves and Nishant Patnaik Sep 4, 2017
Automobile dealers to get higher commission than agents on motor insurance policies
IRDAI has allowed insurance companies to appoint automobile dealers as intermediaries to distribute motor insurance policies.
by Rosevina Gonsalves and Nishant Patnaik Sep 4, 2017
Aadhaar is sufficient for insurance KYC verification: IRDAI
Simply put, insurance agents can on board new clients through Aadhaar card.
by Team Cafemutual Sep 1, 2017
Upfront commission should be in line with trail commission in life insurance: RBI committee
RBI committee recommends uniformity between first year commission and renewal commission to improve the persistency ratio.
by Rosevina Gonsalves Aug 29, 2017
Life insurance AUM reaches close to Rs.30 lakh crore in FY 2016-17
Increase in new business premium and increased persistency ratio have helped the life insurance industry record 19% growth in its AUM.
by Team Cafemutual Aug 28, 2017
IRDAI to form a centralized database of all agents
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.
by Team Cafemutual Aug 27, 2017
HDFC ERGO completes merger with L&T General Insurance
The company claims that this merger is the first merger of two major non-life insurance companies.
by Team Cafemutual Aug 23, 2017
‘We would not push insurers to reduce premium in direct plans’
IRDAI Chief TS Vijayan has said that the insurance regulator is not keen on pushing insurance companies to reduce premium amount on direct sales.
by Nishant Patnaik Aug 23, 2017
Social security schemes and direct sales reduce commission expenses of non-life companies
Non-life insurers reduced their commission expenses by 61% in FY 2016-17.
by Rosevina Gonsalves and Nishant Patnaik Aug 19, 2017
Now policyholders can share a video to avail motor insurance claims
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.
by Team Cafemutual Aug 17, 2017
Life insurers paid gross commissions of Rs.22,100 crore in FY 2016-17
LIC alone paid commission of over Rs.15,000 crore last year.
by Rosevina Gonsalves Aug 11, 2017