In order to streamline distribution of insurance products and ensure efficient services to policyholders, a panel constituted by insurance regulator Irdai has recommended that individuals be allowed to shift from being insurance agents to insurance service providers (ISP). The panel has also recommended that the list of products to be sold through an insurance marketing firm (IMF) should be expanded to include group insurance products and combi-products. If the recommendations are accepted, then an insurance agent, who at present is attached with only one company, can sell products of other firms in life, general and even health insurance.
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