Insurance brokers and general insurance companies should increase their focus on agricultural insurance products and their distribution, according to T.S. Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA).
In his inaugural address at the 10th brokers’ summit organised by the Insurance Brokers Association of India (IBAI) here on Friday, Vijayan said agricultural insurance has largely remained Government-driven so far and there was 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 the aspects, including permission to sub-broking.
The 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 in customisation of products in retail general insurance segment, he added.