 "DFS secretary M Nagaraju")
The Department of Financial Services Secretary, M Nagaraju, on Friday urged insurance brokers to participate actively in state-level and sub-level insurance programs to raise awareness and increase insurance penetration in the country.
Speaking at the 25th Foundation Day of the Insurance Brokers Association of India (IBAI), Nagaraju said, “We need your active participation in state-level and sub-level insurance programs. There is vast uncapped potential in tier-2 and tier-3 cities, agricultural and rural zones, in unorganised sectors, and among small businesses."
He stated that insurance brokers can help increase awareness about the importance of insurance among remote and low-income populations. They can also play a crucial role in building trust between insurers and the insured by acting as transparent advisors, simplifying product dissemination, and supporting the capacity building of local intermediaries.
“In addition, the intermediaries support government-led insurance schemes, whether in agriculture, health, or credit, with better design, training, and implementation support,” Nagaraju said.
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He also noted that the insurance brokerage sector is a significant generator of employment, both directly and indirectly, with thousands of professional support staff, underwriters, claim handlers, IT specialists, and marketing personnel employed or supported by the broker ecosystem.
“When brokers thrive, it creates employment across the service economy, including legal, technical, and financial advisory services. This employment impact must be nurtured and expanded through skill development, certification, and digital inclusion.”
While commending the thought-provoking activities of insurance brokers, Nagaraju said that going forward, he would encourage brokers to use these channels to focus on emerging issues such as cybersecurity, cyber risk, ESG compliance, and disaster resilience in order to develop proactive pre-loss strategies for national resilience.
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