Business correspondents meet Irdai, seek consent to sell insurance products

The Business Correspondent Resource Council (BCRC) has made a pitch to the Insurance Regulatory and Development Authority of India (Irdai) that field agents be allowed to hawk insurance products. As of now, the business correspondents’ (BCs’) channel — introduced in 2007 — only offers last-mile banking services.

 

BCRC’s stance is that shocks from climate-related issues are affecting those at the bottom of the pyramid in a big way. It presents an opportunity to sell weather-indexed insurance: policies designed to trigger payouts (livelihood support) based on specific weather conditions, such as low rainfall, extreme heat conditions, and similar events. It is