hi bloggers,
heres some insurance news for you.
Bank customers now have the option to buy life and non-life insurance products from banks in a process that would be transparent and not motivated by the commission. By tying up with banks, insurance companies can save on distribution costs and cut their overall expenses.
The Insurance Regulatory and Development Authority (Irda) has recommended that banks be allowed to have a tie-up with any two insurers: Two in life insurance sector, two in the non-life insurance sector excluding health and two in the health insurance sector. The bank staff would be fully trained in handling insurance products to ensure transparency and full disclosure of features of the product. Any mis-selling of insurance products will be strictly dealt and the banking ombudsmen will accept complaints from policyholders in case the bank or its staff is found mis-selling the product.
heres some insurance news for you.
Bank customers now have the option to buy life and non-life insurance products from banks in a process that would be transparent and not motivated by the commission. By tying up with banks, insurance companies can save on distribution costs and cut their overall expenses.
The Insurance Regulatory and Development Authority (Irda) has recommended that banks be allowed to have a tie-up with any two insurers: Two in life insurance sector, two in the non-life insurance sector excluding health and two in the health insurance sector. The bank staff would be fully trained in handling insurance products to ensure transparency and full disclosure of features of the product. Any mis-selling of insurance products will be strictly dealt and the banking ombudsmen will accept complaints from policyholders in case the bank or its staff is found mis-selling the product.
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