A composite platform that could facilitate sales, servicing and settlement of claims across different insurance categories is being explored by insurance companies and industry regulator IRDAI.

The platform, if agreed upon by all industry stakeholders, may take shape towards the end of this year, and could feature a wide offering of products from life, general and health insurance.

Industry sources said that the rationale behind considering such a platform is in line with the broader objectives of the regulator — widening reach, introducing new channels of distribution and rationalising the commission/ remuneration structure to reduce costs for policyholders.

At present, individual and corporate policyholders have the choice to select and compare policies offered by brokers and distributors.

Premium growth

General insurance companies have recorded a 21.75 per cent growth in premium in the first four months of this financial year.

According to IRDAI, 25 general insurance companies recorded a gross direct premium of Rs 68,520.03 crore in April-July compared with Rs 56,280.63 crore in the corresponding previous period.

Standalone health insurers recorded a gross direct premium of Rs 7,411.02 crore in April-July 2022, up 27.13 per cent over the same period a year ago.