Insurance Brokers Association of India (IBAI) held its 10th Brokers Summit with the theme "Brokers- Dedicated to Growth & Penetration of Insurance" at Taj Deccan, Banjara Hills, Hyderabad, on February 07, 2014.The summit was inaugurated by Shri T.S. Vijyan, Chairman IRDA. CMD's of all PSU Insurance Companies both Life and Non-Life and CEO's of all Private Insurance Companies participated in the Summit. Over 250 delegates from Broker Member Organizations, Insurance Companies, Customers and other stakeholders from Insurance Industry were present. Over the years the summits have been held in the major metro cities.
According to Mr. Sohanlal Kadel, President, IBAI; "This Summit focused on the important role of Broker in shaping up the future course of development of Indian Insurance Market. Increasing insurance penetration and achieving higher growth level in partnership with customers and insurers is prime objective. Eminent speakers and panelists focused on the opportunities for the Insurance Brokers to reinforce their role as valued partners in growth of the Insurance Industry.
The theme "Brokers- Dedicated to Growth & Penetration of Insurance" has been kept keeping in mind the Vision plan and the road map being charted out by both Life Insurance and General Insurance Companies, for keeping pace with the development and increasing the growth & penetration of Insurance in next decade, in the country
There was interesting round table discussions regarding Industry perspective on Growth & penetration of business by Guest of Honours Shri G Srinivasan, CMD, New India Assurance Co Ltd, Shri N S R Chandra Prasad, CMD, National Insurance Co. Ltd, Shri A.K. Roy CMD, GIC Re, and Shri M Kharat, CMD, United India Insurance Co Ltd. and Shri M. Rama Prasad, Member, IRDA, chairing the Session.
Panel discussions on topics such as "Sub-Broking for reaching customers in Semi Urban and Rurak areas" and Distributing through Brokers — The key to greater insurance penetration" saw active participation & interaction between the speakers, panelist & those attending the summit.
As on date there are 315 licensed brokers of whom there are about 276 Direct Brokers, 33 Composite Brokers and 6 Reinsurance Brokers. Brokers handle around 24% of business in non-life segment and about 0.5% in the life insurance segment. Their wide array of services range from risk analysis, to placement of business at best price with optimum coverage, rendering service during currency of the insurance contract and assist in the handling of claims amongst many other services.
About I.B.A.I
Incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July, 2001; IBAI has a Memorandum of Association as well as an Articles of Association, as required under the Companies Act, 1956 & is run by a Board of Directors who are elected by the members.
IBAI's main objectives are to promote interaction among the Insurance/Reinsurance Broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI and to provide an avenue to the members for further education, training and research in all fields of insurance and reinsurance and represent the interests of Brokers with other organizations.
IBAI is a member of Indian Merchants Chambers, Mumbai, Bombay Chamber Of Commerce and Industry, Mumbai, Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry. It is the only Insurance Regulatory and Development Authority (I.R.D.A.) recognized apex body of licensed Insurance Brokers. As per Insurance Brokers' Regulations 2002 framed by the I.R.D.A., all licensed Brokers are required to be member of I.B.A.I.
As on date, Direct Insurance Brokers, Composite Insurance Brokers and Reinsurance Brokers (totaling to 315 licensed insurance brokers) are members of I.B.A.I. Only those insurance brokers who are licensed by the I.R.D.A. are considered for admission into the membership of I.B.A.I.
