IRDAI Press Release on Bima Vitarak Manthan

The Insurance Regulatory and Development Authority of India (IRDAI) convened a landmark first-of-a-kind two-day interactions “Bima Vitarak Manthan” on May 9th and 10th, 2024 at its head office in Hyderabad. The event brought together key intermediaries, including brokers, corporate agents (Banks, NBFCs, Others) and Insurance Marketing Firms (IMFs) for extensive deliberations on the future of insurance distribution in the country.

Measures to address mis-selling and force selling were deliberated along with having an effective grievance redressal mechanism in place. Continuous training for sales force and the adoption of best practices from the global insurance landscape were recognized as vital for the sustained growth of the industry.

It was highlighted that the readiness of distribution channels to embrace technology could bring about explosion in the distribution space which can result in reduction of distribution costs benefiting the policyholders. Detailed discussions were held on leveraging proposed insurance e-marketplace – Bima Sugam in taking the insurance to the last mile.

Bima Vitarak Manthan would be a periodic meeting serving as a platform for continuous engagement with various intermediaries, having meaningful interaction, sharing of insights and exploring innovative strategies and collaboration.