Irdai plans women-led distribution force to win over rural customers
NEW DELHI : To boost insurance coverage in the rural areas, the Insurance Regulatory and Development Authority of India (Irdai) is working on a women-led localized distribution force called Bima Vahak, said a person in the know. The aim is to engage women in raising awareness about the importance of insurance, and educating the rural population about a range of products tailored to their requirements. The final guidelines for this initiative are likely to be released this month, the person added.
Irdai had issued draft guidelines on Bima Vahak in May. “The consultative process is over and guidelines to operationalise will be notified soon," the person said. Irdai did not respond to Mint’s queries till press time.
“... various modalities are under consideration, including an e-marketplace protocol, localized, women-centric distribution force, simple benefit-based products which may greatly enhance ease of doing business and significantly contribute to insurance inclusivity," Irdai chairperson Debasish Panda had said in an earlier interview with Mint. Bima Vahaks will promote insurance penetration in the remotest parts of India.
A field force in remote areas will help to build trust of the local population. They will be patient and persuasive to explain the need for risk cover. In this context a women-led distribution network will emerge as an effective alternative, he said.
Bima Vahaks would identify and develop resources who understand and appreciate local needs within every gram panchayat and village. Women who can gain trust of locals will be onboarded as Bima Vahaks for distribution and servicing of insurance products. A Bima Vahak will sell and service the Bima Vistaar product approved by the Authority and such other
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