The insurance industry will undergo another round of regulatory reforms, particularly related to distribution channel, to drive growth, according to Insurance Regulatory and Development Authority Chairman T. S. Vijayan.
Speaking on the sidelines of the convocation of the Institute of Insurance and Risk Management (IIRM) here on Tuesday, he said, “We are focusing on bank channels and sub-broker level distribution and citizen service centres (CSCs) for better growth prospects.” The insurance penetration is likely to shoot up substantially in the coming years, according to him. He said the insurance industry was going to witness major changes in the coming days. Several insurance firms would be listed on stock exchanges and open up abundant opportunities in the segment.
The regulator is concerned about the product design and miss-selling. “Our aim is to make sure that products approved by IRDA should have least chances of miss-selling,” he said.
Speaking on the occasion, T. Narasimha Rao, Managing Director, IIRM, said, besides PG programmes in Insurance and Risk Management, the institution would offer courses in Business Analysis, Surveying and Valuation. All the existing courses have been recognised and accredited by the 100 year old Chartered Insurance Institute (CII), London, according to him.
