The record
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- The Insurance Regulatory and Development Authority of India released a consultation paper detailing proposed changes to insurance management expenses and commission structures.
- These reforms aim to improve transparency by requiring clearer disclosures and greater accountability for distributors regarding mis-selling.
- New digital infrastructure, such as the Public Insurance Registry and Bima Sugam, is intended to simplify the insurance purchasing and servicing process for customers.
- The regulator expects these measures to enhance competition and consumer choice in the insurance market.
Who said what4
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Indraneel Chatterjee
COO and Co-Founder, InsuranceDekho
2 quotes · 1 outlet
“This could push many distributors to align with a single insurer, most likely a large one, leaving customers with fewer options to compare.”
In the article
…competition and improve customer choice. However, Indraneel Chatterjee, COO and Co-Founder, InsuranceDekho, has raised a concern about the possible impact of the proposed commission structure on customer choice. “ This could push many distributors to align with a single insurer, most likely a large one, leaving customers with fewer options to compare. ” This is an industry concern about the possible impact of the proposed framework, rather than an outcome expected by IRDAI. Another important point to note is the impact on motor insurance specifically. "The proposals…
“At such levels, it could become difficult to sustain a distribution network for lower-value policies, potentially making this segment less attractive for those on the ground.”
In the article
…products like two-wheeler insurance. He gave the example that a 5% commission on an own-damage premium of ₹800 would leave around ₹40 at the distribution entity level, before the economics of the PoSP are considered. “ At such levels, it could become difficult to sustain a distribution network for lower-value policies, potentially making this segment less attractive for those on the ground. ” IRDAI's proposal does, however, provide for additional rewards for distribution in underserved areas, including rural areas, small towns and smaller cities. The consultation paper could affect consumers in four key…
Shailaja Lall
Partner at Shardul Amarchand Mangaldas & Co
2 quotes · 1 outlet
“The proposals seek to separate insurance sales from other dealer relationships. Dealers would not be permitted to deny cashless repair merely because a customer purchased insurance elsewhere,”
In the article
…to compare.” This is an industry concern about the possible impact of the proposed framework, rather than an outcome expected by IRDAI. Another important point to note is the impact on motor insurance specifically. " The proposals seek to separate insurance sales from other dealer relationships. Dealers would not be permitted to deny cashless repair merely because a customer purchased insurance elsewhere, " says Shailaja Lall, Partner at Shardul Amarchand Mangaldas & Co. IRDAI has proposed greater use of digital infrastructure, including Market Infrastructure Institutions (MIIs), with Bima Sugam identified as one such…
“IRDAI proposes giving customers greater access to alternative digital channels such as Bima Sugam, with dealers required to prominently inform customers about this option at the point of vehicle sale,”
In the article
…The regulator also proposes greater use of the Public Insurance Registry (PIR) to support transparency, comparison, portability and operational efficiency. Notably, this extends to motor insurance as well. " IRDAI proposes giving customers greater access to alternative digital channels such as Bima Sugam, with dealers required to prominently inform customers about this option at the point of vehicle sale, " says Lall. For policyholders, the intended benefit is easier purchase and servicing, better comparison and greater access to insurance, including for underserved customers. This is an important consumer issue because…
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All filed from India
Named India · Bima Sugam · Public Insurance Registry · Indraneel Chatterjee · InsuranceDekho · Insurance Regulatory and Development Authority of India · Shailaja Lall · Shardul Amarchand Mangaldas & Co
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