Distortion in claim settlement in the insurance industry will be resolved with the
introduction of brokers, said the insurance regulatory. Introduction of insurance brokers has received mixed response by the industry
with public sector insurance companies feeling threatened by their entry.
At the same time, the Insurance Regulatory and Development
Authority (Irda) views the broker system will pave the way towards competitive pricing of
products, and thereby meet the twin objectives of privatisation of the insurance sector.
"Brokers are the solution to take both the objectives
forward, that of offering customers choice of products and competitive pricing," said
Irda chairman N Rangachary. He was speaking at the one-day seminar on "Insurance
Broking in India" organised by the Bombay Chamber of Commerce & Industry.
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