Let us work for growth of Insurance Companies

Recent news item has criticized life Insurance firms having enrolled housewives, students, chemists, chartered accountants, tax planners, and even grocery stores to generate leads that may turn in to deals/ issue of policies.

Even websites can turn lead generators in a practice that industry officials say forms a part of new business model. A website shares data on its visitors with a private insurer which in turn puts his sales team on the job. The insurance company pays a one time fee only on conversion to business depending on the premium slab. We in IFI agree that the deal or case or proposal should be always closed by a qualified agent or an intermediary so that there is no misselling.

According to the Insurance Regulatory and Development Authority (IRDA), commission can be paid to only to licensed agents. We fully support IRDA viewpoint.

Insurance companies are looking for new ways to reach customers and it should be done/ encouraged as we have to reach the masses all over the country. Penetration has to increase. Let us work for it.

Proposal to set up Health Insurance Council

One of the proposal of IRDA panel, which evaluated the performance of third party administrators, is for setting up of Health Insurance Council. They feel that this is one of the most critical requirements in the industry

It is understood that Insurance Regulatory and Development Authority (Irda) is considering to accept this proposal and “Health Insurance Council" will be set up.

The proposed council will also look to standardize procedures in the industry, and update and maintain standard documents and "standard masters". It could also help solve differences between insurers and TPA’s, and also between insurers.

Any step which is taken for bringing in improvements in service level,bringing down costs,improvement in productivity as well as customer satisfaction is welcomed by all of us.The earlier it is done,better it will be.