IRDAI mulls introducing portability option

IRDAI may soon come up with a new norm with respect to changing an insurance agent. In order to enhance customer experience, and make services better and more convenient for the policy buyers, the insurance regulator is planning agent portability option.

He said that the agent portability option will not be restricted to general insurance only but shall be applicable to life insurance policies with a tenure of up to 20 years.

“If the policyholder is not satisfied with the service of an agent, he/she can change the agent and can select a new agent. In case of change in agent, the commission received on the premium will then be paid to the new agent,” Shah informed.