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Our Bureau

Hyderabad , Oct. 1

THE Chairman of Andhra Pradesh Tourism Development Corporation Ltd (APTDC), Mr C. Anjaneya Reddy, has suggested that the insurance regulator make mandatory the services of insurance brokers to the public.

Speaking on the occasion of implementation of automation software at Excellent Insurance Broking Services Ltd on Friday, Mr Reddy said that the five per cent special discount currently being made available to corporate houses under some policies was preventing them from utilising the services of professional insurance brokers.

The APTDC Chairman said that many corporate clients were not appreciating the services of insurance brokers citing the loss of five per cent special discount.

On the contrary, by not utilising the services of professional insurance brokers, the corporate clients might lose to the tune of 10 per cent in many ways such as purchase of unsuitable insurance products and improper claim settlements, he said.

Hence, the Insurance Regulatory and Development Authority (IRDA) must do away with the five per cent special discount.

According to the Excellent Insurance Managing Director, Dr K. Muralidhara Reddy, his company has always been kept pace with technological advancements by acquiring the latest software.

More Stories on : Insurance | Financial Services | Andhra Pradesh

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