Soon insurance policy holder can change agent – IRDAI mulls introducing portability choice

The Insurance Regulatory and Development Authority of India (IRDAI) may soon come up with a new norm with respect to changing an insurance agent. In order to enhance customer experience, and make services better and more convenient for the policy buyers, the coverage regulator is making plans agent portability choice could be to be had in coverage, a Zee Business channel report stated.

Zee Business Special Correspondent Anurag Shah stated that if policyholders aren’t glad with the provider of an insurance agent,in the current insurance policy, they will get an option to change their agent.

He stated that the agent portability choice will now no longer be confined to standard coverage simplest however will be relevant to life insurance rules with a tenure of up to twenty years.

“If the policyholder is not satisfied with the service of an agent, he/she can change the agent and can select a new agent. In case of change in agent, the commission received on the premium will then be paid to the new agent,” Shah said.

Shah stated that after the new rule comes into effect, policyholders could be capable of get better service.