Adani Enterp. 2520.10↓-13.95(-0.55%)
Adani Ports 732.70↓-4.80(-0.65%)
Apollo Hospitals 4697.50↑57.05(1.23%)
Asian Paints 3143.45↑6.05(0.19%)
Axis Bank 929.95↑0.15(0.02%)
B P C L 361.50↓-0.20(-0.06%)
Bajaj Auto 4620.70↑2.20(0.05%)
Bajaj Finance 6958.70↑26.65(0.38%)
Bajaj Finserv 1441.35↓-8.20(-0.57%)
Bharti Airtel 820.10↓-1.15(-0.14%)
Britannia Inds. 4608.10↑32.85(0.72%)
Cipla 955.70↓-0.55(-0.06%)
Coal India 244.20↓-1.90(-0.77%)
Divi's Lab. 3461.10↓-16.75(-0.48%)
Dr Reddy's Labs 4516.50↓-39.75(-0.87%)
Eicher Motors 3709.00↓-2.45(-0.07%)
Grasim Inds 1720.50↑7.20(0.42%)
H D F C 2681.00↓-9.55(-0.35%)
HCL Technologies 1135.45↑9.25(0.82%)
HDFC Bank 1634.60↓-0.90(-0.06%)
HDFC Life Insur. 574.65↓-4.40(-0.76%)
Hero Motocorp 2776.40↓-0.50(-0.02%)
Hind. Unilever 2661.00↑10.70(0.40%)
Hindalco Inds. 415.45↓-4.45(-1.06%)
ICICI Bank 947.60↓-0.55(-0.06%)
IndusInd Bank 1285.90↑0.95(0.07%)
Infosys 1314.20↓-0.20(-0.02%)
ITC 448.65↓-0.45(-0.10%)
JSW Steel 709.75↑7.55(1.08%)
Kotak Mah. Bank 1959.35↑6.15(0.31%)
Larsen & Toubro 2217.80↓-6.75(-0.30%)
M & M 1331.85↑1.70(0.13%)
Maruti Suzuki 9373.75↑40.25(0.43%)
Nestle India 21553.30↓-176.15(-0.81%)
NTPC 176.15↓-0.15(-0.09%)
O N G C 160.35↑1.35(0.85%)
Power Grid Corpn 234.15↓-0.35(-0.15%)
Reliance Industr 2519.65↓-0.95(-0.04%)
SBI Life Insuran 1209.10↓-9.00(-0.74%)
St Bk of India 593.80↓-1.20(-0.20%)
Sun Pharma.Inds. 960.15↓-8.30(-0.86%)
Tata Consumer 789.75↓-4.50(-0.57%)
Tata Motors 520.55↓-0.90(-0.17%)
Tata Steel 108.00↓-0.45(-0.41%)
TCS 3309.45↓-10.90(-0.33%)
Tech Mahindra 1102.65↓-11.40(-1.02%)
Titan Company 2804.00↓-8.25(-0.29%)
UltraTech Cem. 7928.95↑88.40(1.13%)
UPL 685.55↓-4.45(-0.64%)
Wipro 402.55↑2.75(0.69%)

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Premium

Representative Image

5 min read Last Updated : Jan 29 2023 | 1:46 PM IST

Sunil Kumar Singh from Varanasi has been working in the insurance sector as an agent for the past three decades. Prior to 2023, Kumar used to do an average of 20 motor insurance policies a day, but that came down to 12-13 a day after the Insurance Regulatory and Development Authority of India (IRDAI) made Know-Your-Customer (KYC) norms mandatory from January 1. This was made applicable for the purchase of all new insurance policies, irrespective of their premiums.

Singh and his family offer the services of several insurance companies, including New India Assurance, Future Generali, Shriram General Insurance, ICICI Lombard, Bajaj Allianz and Iffco Tokio. According to him, there is a similar rate of reduction in motor insurance offered by his family members too. This is not the case with Singh--several insurance agents and a section of the companies that Business Standard spoke to indicated that after KYC documents were made mandatory for buying new health, motor,