The Insurance Regulations and Development Authority of India (IRDAI) is reportedly open to the idea of introducing Managed General Agencies (MGAs) in the insurance industry. An MGA is similar to a non-banking finance company, which can underwrite customers, share risks with larger insurance companies, and manage products. Such entities are popular in the US and Singapore, but do not yet exist in India. The IRDAI is reportedly considering MGAs after talks with insurtech start-up founders, who believe it would allow current intermediaries, such as Policybazaar, to have a larger role in the manufacturing of products and managing the customer life cycle. Regulators also hope that the implementation of technology and new licenses will generate new companies and popularize insurance products among the masses. However, some insiders suggest that the idea may not be a priority for the regulator yet, but there may be interest once licenses are announced.
IRDA Considers Managed General Agencies for Insurtech Startups
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