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Brokers should adopt digital mode, says T.S. Vijayan, Chairman, IRDAI

Tuesday, March 14, 2017
By A Business Reporter

IBAI’s handbook on ‘General Insurance Claim Insight For Policy Holders’ released by T.S. Vijayan

Insurance Brokers Association of India’s (IBAI) last week held their Annual Summit in Mumbai with the theme ‘Insurance Brokers –Advancing the Policyholders’ Interests’. T.S. Vijayan, Chairman, Insurance Regulatory & Development Authority of India (IRDAI), who was the Chief Guest, inaugurated the Summit.

“Against GDP growth of 7% of India, the growth of insurance industry is recorded at 17%. GDP growth, demographic environment and insurance products developments are main factors for the growth of insurance industry. Foreign insurance companies are opening their branches in India as they see more potential in India,” said T.S. Vijayan, Chairman, IRDAI.

IBAI released its Handbook on “General Insurance Claim Insight For Policy Holders” by T.S. Vijayan. The handbook contains information for policyholders to analyse insurers based on the claim settlement track record. IBAI Handbook has for the first time calculated the claim pendency ratios and claim settlement ratio based on public disclosures of information made by various General Insurance and Health Insurance companies.

While delivering the key note address at the 13th Broker Summit of Insurance Brokers Association of India (IBAI), he stated that the insurance brokers should reduce their cost by adopting the digital mode.

Sanjay Kedia, President of IBAI said, “Insurances brokers work for policy holders’ interests and are therefore, the fastest growing distribution channels contributing to about Rs. 19300 crore of gross direct premium in FY15 resulting in 23.2% of the non –life insurance premium. As per the EY Vision 2025, brokers driving customer centric growth report, it is expected that insurance broking will contribute close to 40% of growth direct premium in non-life insurance in the progressive scenario. Non-life insurance market in 2025 is expected to be at Rs. 4,00,000 crore and brokers’ market share is likely to be around Rs. 1,60,000 crore.”

Along with the Handbook of IBAI, 3 more books on the insurance industry, written by Sudhir Kumar Jain and Sanjay Gupta were released on this occasion.

The topics for the Panel discussions at the event were, Building Policyholder centric Distribution & Insurance Market, Serving Policyholders – Risk Management and Claims and Policyholders – Changing needs, risks, expectations & solutions and ended with an Interactive session on – Regulatory Framework for Strengthening the Insurance Broking Channel.

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