News From Press Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Source: Business Standard Jan 30, 2023

Sunil Kumar Singh from Varanasi has been working in the insurance sector as an agent for the past three decades. Prior to 2023, Kumar used to do an average of 20 motor insurance policies a day, but that came down to 12-13 a day after the Insurance Regulatory and Development Authority of India (IRDAI) made Know-Your-Customer (KYC) norms mandatory from January 1. This was made applicable for the purchase of all new insurance policies, irrespective of their premiums.

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