The insurance regulator IRDAI has directed insurers as well as insurance marketing firms (IMFs) to upload details of individual agents and insurance sales persons into a central database of the Insurance Information Bureau of India (IIB) by this month.
The second phase of the database, called Envoy, is ready, the regulator said in a recent communication to insurers and IMFs, asking them to upload the details in the prescribed format, according to a report by The Hindu. The number of individual agents with life insurers exceeded 2.09 million at 31 March 2017.
The IRDAI had announced in August 2017 the setting up of the central database at the IIB. In the first phase, all insurance intermediaries were advised to upload details of qualified persons, specified persons and authorised verifiers, on the database of the Bureau.
The measure is primarily aimed as a check against duplication. Explaining the rationale behind creating the database, IRDAI had said this was to ensure that “all licensed insurance sales persons working for insurers and intermediaries... do not work with multiple insurers/ insurance intermediaries in the same business category”. Figuring in the database are agents, broker qualified persons, specified persons of corporate agents, authorised verifiers of web aggregators and point of sales persons (POS).
A search facility is available on the ENVOY portal for insurers and insurance intermediaries to check details regarding a prospective candidate. “The appointment of such a person by the insurer or insurance intermediary shall be taken up only after ensuring that the applicant does not already figure in the database,” the IRDAI said.