Financial Daily from THE HINDU group of publications
Thursday, Jul 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 29, 2004 |
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Money & Banking
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Financial Services Insurance brokers to meet in Hyderabad Our Bureau
Hyderabad , July 28 MEMBERS of Insurance Brokers Association of India (IBAI) are meeting here on Saturday to discuss the survival of insurance brokers as an alternative distribution channel. The two-day meet would discuss on how to take forward the institution of insurance brokers with support from all stakeholders from the insurance industry, said an IBAI press release. According to the IBAI President, Mr Bharat J. Boda, the insurance brokers who had invested huge capital and recruited highly qualified professionals, are now a disillusioned lot since the market, which they were supposed to service, was still closed for them. He said 70 per cent of the insurance business still falls under tariff regime, where the remuneration prescribed is disproportionately low. Moreover, most of the corporate clients who have a paid-up capital of more than Rs 3 crore, shy away from hiring the brokers for tariff business, as they would be deprived of the five per cent special discount, Mr Boda said. Further, he said that sub-broking and anomalies in remuneration vis-à-vis agents were the other impediments that are yet to be sorted out.
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