DFS Secretary urge insurance brokers to help increase coverage in rural India, smaller cities

DFS Secretary, M Nagaraju

The Department of Financial Services Secretary M Nagaraju on July 25 urged insurance brokers to participate in the state-level and sub-level insurance programs to raise awareness and increase penetration.

“We need your active participation in state-level and sub-level insurance programs. There is vast uncapped potential in tie-2 and tie-3 cities, agricultural and rural zones, in unorganized sectors, and among small businesses,” Nagaraju said, while addressing the Insurance Brokers Association of India's foundation day in Mumbai.

DFS Secretary said insurance brokers can increase awareness about insurance in remote and low-income population, and help build trust between the insurer and the insured by playing the role of transparent advisors.

The insurance brokers can also augment insurance penetration through grassroots engagement, simplified product dissemination and capacity building of local intermediaries, Nagaraju said.

“Support local insurance schemes, whether in agriculture, health, credit, with better design, training, and information,” he said.

The DFS Secretary said the government has invited Insurance Brokers Association of India to work more closely with the state governments and the public institutions to create awareness campaigns, training modules, and feedback loops for policy implementation.