Challenges Faced By Insurance Agents And Their Role In The Development Of The Insurance Sector In India

Geetika Dev, BA LLB, Christ Academy Institute of Law

ABSTRACT

This research explores the pivotal role of insurance agents in India's insurance sector and the challenges they face. As intermediaries between insurers and policyholders, agents contribute significantly to sector growth. However, they encounter hurdles like regulatory changes, digitalization, and low public awareness. This study examines these challenges, their impact on agents' performance, and consequently, on the sector's development. It proposes strategies to empower agents, enhance their effectiveness, and foster sustainable growth in India's insurance market.

Keywords: Insurance agents, challenges, India, insurance sector, regulatory framework, digitalization, public awareness, sector development

Chapter 1: Introduction

Introduction

India's insurance sector has witnessed substantial growth since liberalization in 2000. Insurance agents, as the primary distribution channel, have been instrumental in this growth. They not only sell policies but also educate the public about insurance benefits. However, agents face numerous challenges that affect their performance and the sector's development. This research delves into these challenges and their implications for India's insurance landscape.