Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: 5.0
Article rating: 5.0
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 5.0
Article rating: 3.3
Article rating: 5.0
Article rating: 4.0
Article rating: No rating
RSS

News

Central database of insurance agents on the anvil

Author: IANS/Monday, June 19, 2017/Categories: Banking & Financial Services

Central database of insurance agents on the anvil

Kolkata (IANS) - The Insurance Information Bureau of India is in a process of preparing a central data base of intermediaries working in the sector so that insurance companies have background information about them before enlisting them, an official said.

"The industry has been asking for a central record of the third parties for life and non-life insurance businesses and we are looking at the aspect. We hope in future there could be a caution list. Right now, we are in a formative stage of preparing the central data base of the intermediaries," the Bureau's CEO Kunnel Prem said here. "This data will help the industry while listing the third parties," he said on the sidelines of a event organised by Assocham.

The insurance sector has a lot of intermediaries, including individual and corporate agents, third party agents (TPAs) in health insurance, and investigators in claims. Unfortunately, there are complaints against many third party entities, said Prem. According to him, there could be malpractices prevailing in the sector. The insurance companies often blacklisted their third parties if malpractices done by them are discovered by the company concerned. 
 
"Such blacklisting has happened in the company level. There is all the possibility that this information of blacklisting is not available to other insurance companies," he said. Prem explained third parties can move from one company and get listed to other companies. When a third party lists itself with the other companies, they (other companies) do not have the information about the background of the intermediaries.
 
 He said in terms of health sector, there is a portal which offers common registration of clinical establishments which are in the network of insurance.
 
 "As many as 12,800 clinical establishments are registered with the portal. The registration process is on. Later, we will do data analytics after collecting the information," he added.

Print Rate this article:
No rating

Number of views (191)/Comments (0)

IANS

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free