IGI Logo

A high-level delegation from the Insurance Brokers Association of India (IBAI), led by its President, Mr. Sumit Bohra, met with Mr. M. Nagaraju, IAS, Secretary, Department of Financial Services, DFS, Ministry of Finance, to discuss pressing issues faced by the insurance industry.  Mr. Narendra Kumar Bharindwal, Vice President, IBAI; Mr. Surender Tonk, Vice President, IBA; Mr. Nirmal Bazaz, Secretary, IBAI; and Mr. Abhishek Bondia, Director, IBAI, were also part of the discussions along with Dr. Prashant Kumar Goyal, IAS, Joint Secretary, DFS, and Ms. Mandakini Balodhi, Director, Insurance, DFS, Ministry of Finance.

At the meeting, IBAI presented the IBAI Claims Handbook, Brokers Voice Survey, and i-Broker Magazine, which highlights key issues faced in the insurance industry. The discussions focused on enhancing policyholder protection, improving insurance penetration, and the need for collaborative efforts to address the trust deficit in the industry.  Mr. Nagaraju and the other senior officials from DFS responded positively to the inputs shared by IBAI and acknowledged the critical role of brokers in expanding the insurance market.

Mr. Sumit Bohra, President of IBAI, stated, “The discussions with the DFS leadership were constructive and encouraging. We emphasised the importance of a balanced regulatory approach that allows brokers to better serve policyholders while maintaining system openness and efficiency. We are convinced that the insights given will help design policies that enhance the insurance ecosystem and support increased penetration across the country.”

Above views are of the author and not of the website kindly read disclaimer