News eDaily08 Sep 2017

India:Regulator to loosen claim consultancy process for brokers

08 Sep 2017

The IRDAI will soon allow insurance brokers to offer consultancy for claims not exceeding INR100 million (US$1.56 million) without the need for regulatory approval.

Mr Sanjay Kedia, President of the Insurance Brokers Association of India, said the insurance regulator has acceded to some demands of the association, reported Business Standard. “We hope that in time to come, the regulator will remove all restrictions, including requiring prior approval of IRDAI for claims above INR100 million,” he said.

Mr Kedia said the broker represents the policyholder, and not allowing a policyholder to access the services of a qualified licensed broker in a completely free manner was denying him/her the right to exercise claim settlement.

Claim consultancy services provide for efficient liaising with insurance companies so that the claims can be settled on time. Senior officials in the insurance industry say that, this move will ensure that policyholders do not approach unauthorised agencies to get assistance for claims.

Other demands made by the association include requiring insurers to disclose claim amounts paid and claim settlement ratios. Mr Kedia said that with the disclosure of claim details, it will be easier for policyholders to choose between general insurers.


 

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