IRDA Norms for Brokers are to Change Soon

The Insurance Regulatory and Development Authority (IRDA) of India is all set to update its regulations for insurance brokers, keeping an eye on the steadily increasing demand for insurance broker license across the Industry. At present, there are 428 insurance brokers in India.

This growing demand for broker license across the insurance industry is because of the increasing adoption of technology-driven approach and digitization of the whole process, which essentially is for the consumers.

IRDA has already sent a copy of the new broker regulations and the Gazette notification will be out very soon, and of course, with the required changes implemented. The changes are to help governing the brokers as well as to maximize the number of insurance holders.

“Digital push is required. Lead the industry with cutting-edge technology, develop apps and reach out to more customers,” said IRDA Chairman. Insurance brokers are advised to make claim settlement even more transparent through the technology-driven approach. At the same time, insurance penetration across India needs to be improved. Currently, it is below 4% for Life Insurance and General Insurance is even lesser.