Insurance brokers urge Irdai to allow them to appoint 'Bima Vahaks'

During the 'Bima Vitarak Manthan,' insurance brokers proposed to the Insurance Regulatory and Development Authority of India (Irdai) to permit them to appoint 'Bima Vahaks,' rather than restricting appointments to insurance companies. This move aims to enhance insurance penetration. \r

The Insurance Brokers Association of India (IBAI) suggested that allowing brokers and corporate agents to appoint women as Bima Vahaks at the Gram Panchayat level could expedite creation, training, and service support. Bima Vahaks, part of Irdai's Bima Trinity, serve as dedicated distribution channels for insurance products. \r

Brokers believe this approach, coupled with additional distribution channels like auto dealers under the motor insurance service provider (MISP) arrangement, could accelerate insurance product penetration across the country.