IRDAI vide Press Release dated May 10, 2024, has reported a landmark first-of-a-kind two-day interactions ” Bima Vitarak Manthan ” with Insurance Intermediaries such as Brokers, Corporate Agents and Insurance Marketing Firms , conducted on May 09, 2024, and May 10, 2024, at Hyderabad, with an intent to fulfil its vision of “Insurance for All by 2047” aiming to take insurance to each and every Individual to provide them comprehensive financial protection and security.
The first edition of Bima Vitarak Manthan witnessed discussions and presentations, along with strategies to tap opportunities in the Insurance Industry. The following points were featured in the meeting:
1. Driving multi-faceted reforms in the distribution landscape.
2. Implementation of principle-based regulations for intermediaries
3. Emphasizing the role of intermediaries with an intent to enhance insurance access across society
4. Measures to combat mis-selling and force selling
5. Emphasizing the importance of Grievance Redressal Mechanism
6. Need for an insurance ecosystem for policyholders by focusing on a “ Zero Friction, Zero Pain-points, and Zero Complaints ” environment.
7. Emphasizing the adoption of technology in distribution channels
8. Strategies were devised to make insurance widely available, accessible, and affordable, focusing on intermediaries assessing and meeting the diverse needs of various demographics.
9. Leveraging the proposed insurance e-marketplace – Bima Sugam – to reach the last mile.
10. New insurance products like Title Insurance and Surety Insurance were highlighted to increase their uptake.
11. Continuous training for sales forces and adopting global best practices were recognised as crucial for industry growth.
The Authority proposed a periodic meeting platform to engage with intermediaries, facilitate meaningful interaction, share insights, and explore innovative strategies.
Source category: IRDAI
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