Non agent debut

 The Insurance Regulatory and Development Authority (IRDA) has expanded the product basket offered by point of sales persons— henceforth besides insurance agents, sales representatives of the insurer can also distribute health insurance. They can also sell crop insurance and along with plain vanilla non-life policies can distribute policies with a cover of up to Rs 1 lakh. This shift will increase the sales force of insurers, who can reach out to prospective buyers. The move follows last year’s guidelines on appointment of PoSPs, according to which agents can appoint a matriculation passed person as their sales representative to solicit insurance policies.

olmdesk@outlookindia.com