IRDA Distance Marketing Duties Part II

If you have read the first part of the IRDA Regulations defining certain important terms(link below) contained in the Regulations relating to Distance Marketing of Insurance Products, you can read this post which describes the various duties, liabilities and functions of different persons and agencies engaged in Distance Marketing of Insurance Products.

What are the Duties of Telemarketer as per the Regulations?

The Telemarketer has to maintain every recordings of calls until the same is transferred to the insurer. It shall preserve the records of tele callers and authorised verifiers. The Telemarketer shall only employ those persons who are permitted for soliciting and concluding the sale of insurance products in distance mode.

What are the Duties of Telecaller?

The tele caller shall ascertain the interest of the client in the process. The name of the caller should be disclosed. The telecaller has also the duty to inform the client that the voice copy of the recording of solicitation is available for him upon his request.

What are the Duties or Liabilities of Authorised Verifiers?

The authorised verifiers cannot solicit insurance in their individual capacity. The authorised verifier must try to know the client's interest in continuing with the process. The process may only be continued upon the consent of the client.

What are the Duties of Insurers?

The insurers shall not pay any remuneration other that brokerage to the brokers on the solicited or sold policies using distance mode. It is the duty of every insurer to obtain all the records pertaining to insurance policies procured by distance mode by identifying the same. The insurer has to preserve a voice copy of the entire process in an easily retrievable form for a period of six months beyond the policy term or until settlement of claim.

What are the Duties of Insurance Brokers?

The insurance broker has to suggest the best option which is perfect for the needs of the client.

Common Duties

The insurers, brokers and corporate agents shall maintain the register containing every identification details and documents of person whom are employed by them for lead generation, solicitation etc. Insurers and brokers will have to prepare standardized scripts for presentation of products. The communication shall give information about the insurer and the purpose. The telecaller, authrized verifier etc have to give the identification information to the client also for future verification purposes. The insurers and brokers shall monitor the calls live.

Read also Related Post: Important Terms in Distance Marketing Regulations IRDA Part I
Read also Related Post: Standardized Script in Distance Marketing Part III
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