The Irda?s plans for using common service centres (CSC) across the country have not found many takers, with insurance companies responding poorly. Irda is calling a meeting of insurance companies on January 16 and 17 to discuss this model, said Irda member DD Singh.
Insurance companies were also asked to file special products for this model, he said. Singh said they were looking at this model to become the ?Walmart of Insurance?. But the results so far were not encouraging for Irda, he noted.
?If you want to make a shift in sales and services, we should be prepared to try out new ideas,? Singh said.
Insurance companies were not willing to accept a paradigm shift in the distribution channel, he added. ?We are comfortable with micro insurance. But 80% of micro insurance polices have lapsed and the customer is not able to pay renewal premium if the NGO stops taking premium,? he pointed out.