Insurance brokers remain critical despite tech: IRDAI

The insurance regulator has asked intermediaries to develop hybrid and niche customer service platforms for purchasing insurance. The call for online platforms comes at a time when the regulator is working on ‘Bima Sugam’ — an online insurance marketplace where all industry players will participate.

IRDAIChairman, Debasish Panda has emphasised the continued importance of intermediaries in the evolving insurance marketplace.

“With technology, there is an apprehension that would come to all of your minds: Whether the market is slowly cutting the need for intermediaries… The answer is a big no,” said Panda. “It is the expertise and insightfulness of the broker that make them a critical link in the evolving marketplace,” he said.

According to Panda, intermediaries must develop customer service platforms combining digital channels with personal advice, new products, and expertise. Such platforms should facilitate multiple quotes, coverage comparisons, payment options, instant insurance policy downloads, and the ability to speak with insurance specialists throughout the process, he said.