Life insurers turn to agents.

Tuesday 29, March, 2011 Bank-promoted life insurance companies to expand agent base, finding no alternative to attract new business. Bank-promoted life insurance companies are diversifying into the agency route, as the bancassurance model has turned out to be not as effective as envisaged, especially for unit-linked plans. Amid changing regulations, where the Insurance Regulatory and Development Authority (Irda) has expressed concern on mis-selling of products and called for higher protection of policy holders, these insurers are finding it difficult to push insurance products through executives in the bank branches. New private life insurance companies such as Star Union Dai-ichi, IDBI Federal Life and IndiaFirst Life are planning to double agent base over the next 12 months to broad-base outreach and tap more customers.

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