Open architecture in insurance sector

Open architecture in Insurance both life,general and health is a welcome move. This should be extended not only to Banks, Corporate agents or Brokers but to individual agents too. This will certainly open up the insurance industry to the likings of end consumers and curb mis selling. Insurers are jittery as most of them have strong banking partners or Online selling bypassing altogether Individual agents . This would also enable insurers to invest on serious players rather than recruiting people just for numbers. Ultimately the end Consumer has wider choice and Distributors / Agents can also offer competitive products to their clientele. IRDAI can also seriously pursue active advisor model wherein like SEBI registered RIA , these advisors can sell Online Term plans and ULIPS on chargeable fee from client enabling them to provide full service like Agents

I agree wirh most things from the article and Mr.Debraj but whatever IRDA has done till date is to dafeguard the interest of insurance companies and and banks at the cost of customers or investors. They will not do anything to hue6 the companies otherwise they would have allowed individual agents to sell multiple insurets products. Individual agents can not negotiate commission percentage with the companies but banks and brokers can and do it and sell products of highest commission paying company. There are umpteen such cases. Even webaggregators do the same. Now there should be a survey and sting both on all the channels of insurance and mutual funds distributors whether banks, brokers, webaggregators, direct sales team and individual agents. All these nonsense ideas or products will not work till banks and brokers and webaggregators will not stop misselling.