The Insurance Brokers' Association of India (IBAI) faces several challenges in helping its members remain relevant and profitable in the evolving scenario of the insurance industry in the country, according to its president, Mr Narendra Bharindwal.
He said, “At IBAI, our foremost challenge is to support members across the spectrum from large brokers to small and medium-sized firms. The disparity in size, resources and business models makes a one-size-fits-all solution ineffective.”
Speaking with Asia Insurance Review, he said, “Enhancing the relevance of brokers in the eyes of both customers and insurers is vital. We are advocating for the role of brokers as advisors and not just intermediaries, adding value through risk understanding, claims support, and bespoke solutions.”
He outlined other ways that the IBAI is rendering support to its members in a market affected by digital disruptions and regulatory changes.
He said, “Capacity building is critical. Many brokers need support in upskilling their teams, adopting digital tools, and meeting emerging client expectations. IBAI is working to offer training programmes, webinars, and strategic partnerships to bridge this gap.”
He added, “As regulatory frameworks evolve, brokers need clarity and representation. IBAI serves as the voice of the broking community, actively engaging with the IRDAI to ensure that our members’ interests are considered in policy design and implementation. IBAI is at the forefront in seeking a level playing field across channels/distributors/consultants.”
Referring to online insurance broking developments, he said, “The push has been to bring distribution-driven InsurTech under the regulatory ambit. In fact, many InsurTechs have turned brokers as it gives the whole business a huge legitimacy and recognition.”