Kolkata, July 6 (IANS) India’s Insurance Regulatory and Development Authority (IRDA) Friday said it is planning to come out with guidelines for the micro-insurance segment in the country to ensure its growth.
“We are working on coming out with guidelines for the micro-insurance industry. Micro-insurance is important to ensure financial inclusion,” IRDA member (Life) Sudhin Roy Chowdhury told reporters on thes idelines of the 5th ICC Insurance Summit here.
“There are a lot of issues in the industry and these needs to be ironed out,” he said.
Stating that insurance companies should look at designing some new products to address the specific needs of the micro-insurance industry, Roy Chowdhury said the insurers should also give special emphasis on customer education.
“Customer education will help them penetrate into rural market,” he pointed out.
Roy Chowdhury also informed that the IRDA was mulling to introduce guidelines to emphasise on the need to provide customer education in the country.
“Insurance is a technical subject and educating the customer is important. We are asking companies to do that and we are also taking necessary efforts from our end,” he said.
He said the insurance regulator was hopeful of coming out with these guidelines too soon.
