Insurance Regulatory and Development Authority of India (IRDAI) is likely to allow insurance brokers to offer claim consultancy up to Rs 10 crore without the need for regulatory approval. Above Rs 10 crore, brokers would need to take IRDAI approval.
Sanjay Kedia, President, Insurance Brokers Association of India (IBAI) said that the regulator has accepted their request to provide claim consultancy. “A formal notification of the relevant norms will be out soon. This was discussed at the last IRDAI board meeting,” he added.
Claim consultancy services will provide for efficient liasoning with the insurance companies so that the claims can be settled on time. Kedia said that this will ensure that the insured do not approach unauthorised agencies to get assistance for claims.
