The insurance regulator Irda has decided to allow standalone claim consultancy in the industry.
Confirming the development Bharat Boda, president Insurance Brokers’ Association of India (IBAI) said “Irda has acceded to IBAI’s request for standalone claim consultants. A notification in this regard will be issued by the regulator soon.”Claim servicing requires a professional approach and in the absence of which the insured people aredeprived of the real customer service and insurance industry receives bad name.
Complicated claims for which existing intermediaries like brokers or agents may not be able to provide
expert advisory services can now involve stand alone claim consultant said Boda.
In another significant development, Irda stated that soon the Know Your Customer (KYC) scheme would
also be launched for non-life products and beyond a certain amount the premium will only be accepted in the form of cheque.
The KYC scheme enjoins upon the insurer to get PAN No. details of the insured ones.
Irda is positively inclined for the training needs of brokers on various aspects of industry through online
“Irda has in-principle approved our proposal but with a caveat that they would consider only such training programmes proposed to be conducted by IBAI in respect of which prior approval of IRDA has been obtained. IBAI is currently in dialogue with Insurance Institute of India to devise such courses”, said Boda.
Boda also suggested that licensed brokers should be permitted to appoint sub-brokers to penetrate large
“The reason for promoting sub-broking is for penetrating into the rural market to tap business potential.Irda having considered relaxation in cases of India Post and micro insurance agents should allow , subbroking as it is essential for providing adequate service to clients by broking community”.
The IBAI has also asked Irda make IBAI as a self regulatory body for putting in place the system and processes for issuing licenses to new applicants, renewals and also for taking disciplinary action