Field agents at a crossroads: The BC channel is ripe for being reimagined

The business correspondent channel is sought to be reworked with more offerings being hawked on it

In late November last year, the Business Correspondent Resource Council (BCRC) made a pitch to the Insurance Regulatory and Development Authority of India (Irdai) that field agents be allowed to hawk insurance products.  

While it is true the guesstimated over five-lakh strong network of business correspondents (BCs) in the country can play a big role in Irdai’s push of the Bima Trinity — Bima Vistaar, Bima Vaahaks, and Bima Sugam — it is also reflection of a larger reality: a crying need to augment the financial viability of the channel. “BCs remain relevant in providing banking access in remote areas