A few players feel agents might lose touch with customers due to the online interface. Smaller insurers are worried about the additional costs involved in holding policies in an electronic form.
Public sector firms clocked 21% growth at Rs 34,113 crore, while private players reported 25% leap in premium over the previous fiscal with Rs 24,230 crore in gross collections.
The authority has modified some guidelines of reporting the business generated through bancassurance channel. Insurers have to abide by them from March 31, 2012.
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