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IRA seeks to inject professionalism into insurance sector

Insurance Regulatory Authority will not allow any person in future to canvass for insurance policy in life and non-life sectors unless the person acquires certain basic professional qualifications in the insurance business, according to the IRA chairman N Rangachary.

He was addressing the International Insurance Conference organised in Bombay by the Insurance Institute of India and the Chartered Insurance Institute of London.

He called upon the institutions like the III to develop training programmes and design examinations for the prospective people entering the insurance market. It is a global business and we need global standard of professionalism, he observed.

He said that there has been tremendous growth in technology and managerial expertise in India to face the new challenges in insurance sector. "We have a set of capable manpower with quality. But we are lacking in appropriate professional approach," he said.

Yvo Metzelaar, chief representative of ING Insurance (India) Limited, said that his firm would be focussing on life insurance business in India once the market is liberalised for foreign firms. "Our agent network would be thoroughly professional to explore the needs of the clients and offer products most suited to them. We would prefer to innovate life insurance schemes with a combination of products that are already known to Indian customers," he added.

ING as a group has an exposure worth $ 500 million in India, in mutual funds and banking business.

UNI

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