The insurance sector should increase its focus on agricultural insurance products and their distribution, according to TS Vijayan, Chairman, Insurance Regulatory and Development Authority. In his inaugural address at the 10th brokers’ summit organised by the Insurance Brokers Association of India (IBAI) , Vijayan said agricultural insurance has largely remained Government-driven so far and there is greater scope for expansion in the segment. “The brokers may focus on agriculture, allied sectors and disaster management insurance products being aided by geometric and remote-sensing technologies,” he said.

Referring to some of the demands made earlier by IBAI President Sohanlal Kadel, the regulator said a panel was working on aspects, including permission to sub-broking. Brokers should put in place a proper post-sales service.

“Policy servicing was critical to the credibility of the brokers,” he added.

They should also help customisation of products in the retail general insurance segment, he added.

Earlier, Kadel had requested that the regulator increase the limit of business from a single client from the current 30 per cent to 50 per cent, reduce the annual brokerage fee and permit sub-broking.

Many of the issues brokers face with general insurers, such as delays in payment of brokerage, issue of Form 16A certificate, and documentation and settlement of claims, should also be addressed, he added.

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