With the advent of private players, the overall profession of agents has started acquiring new colors. One cannot expect results in the short run. Any course of life that has been started for a meaningful livelihood would become a profession and enhance career prospects with best standards and ethics through a constant and calibrated approach.
The entrance of the IRDA may be termed as a hallmark in establishing a progressive regulatory framework for the overall professional development of the insurance agency. There were different schools of thought before the herald of the insurance regulator as to the very necessity of opening up of the insurance industry. In every democratic setup, there will always be stumbling blocks for the initiatives of every change. A section of people with an age old political outlook contended with the fear of economic security of the country, the other section was with a fear for their existence. The role of the media was also quite important in bringing out the legislation. The media in its role as a sharp reactor used to highlight the requirements of a prudent regulator whenever there was a role for it in its columns. Why a regulator at all, when all the existing and would be insurers have a sound and established background? This was one of the many questions that was murmured around. The purpose of being a regulator is not just regulating; its role, in a broader spectrum, provides a healthy and congenial atmosphere, giving the insurers a level playing field, ensuring the interests of the insured and nurturing the healthy development of related professionals like agents, brokers, etc. The Indian insurance industry, especially the life insurance industry, was under the protection of a monopolized environment for around 45 years. In this article, it is proposed to place the evolution of individual insurance agency in the pre- and post-liberalized eras.
With changing times, there was a shift in the nomenclature of the various professions in India. Peasant has changed to farmer and then to agriculturist, and barber to hairdresser. One such change is the change of insurance agent to that of insurance advisor. |
