Kathmandu. Although the license of the non-life micro insurance company has been issued with the objective of protecting the backward and disadvantaged groups from becoming more poor by including them in the safety net of insurance, it is not focused on the targeted group. <\/p>\n
According to the study and analysis of Nepal’s micro insurance business published by the Nepal Insurance Authority, 82 percent of the licensed micro life insurers are concentrated in the third party motor insurance policy. Since it is mandatory under the Motor Vehicles and Transport Management Act, 2049, the non-life insurers are focused on issuing only motor insurance policies in search of easy marketing. <\/p>\n
Micro non-life insurers, instead of expanding their branches and services in the targeted remote and rural areas, have limited insurance outlets in the shutters near the transport offices. Apart from issuing insurance policies, the representatives of the insurers deployed at such sales centers do not pay attention to creating awareness among the general public about non-life insurance. <\/p>\n
The NRA report states, “The risk to life, health, agriculture, crops, house and property related to the daily life of the target group is low.” The development of new insurance policies has also been a low priority. This shows that microinsurers are indifferent to the study, research and delivery of insurance services to the target group. \u2019<\/p>\n
The report prepared by the study committee led by Executive Director of NRA Sushil Dev Subedi has suggested policy and regulatory interventions for timely improvement of micro insurance. <\/p>\n
Targeting the low-income, economically, socially and geographically backward classes and communities, there is a need to make arrangements for compulsory branch expansion and portfolio diversification within a certain time frame. In addition, it is necessary to use the digital system to improve the slaughter and distribution system, by bundling micro insurance with new technology such as mobile and digital wallets, expanding the partner agent model through microfinance institutions and cooperatives and improving claim payment. <\/p>\n
In English, ‘bundling’ is the combination of two different types of goods and services and selling or marketing in a unified manner. If life and non-life micro insurers start the practice of providing services in an integrated way, it will help to control the manpower mobilization, management cost, and cost of distribution network. Apart from this, it will also help in meeting the shortage of skilled manpower. <\/p>\n
The Insurance Act, 2079 has also made a legal provision that a single agent can work as an agent of a different type of micro insurer. <\/p>\n
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Kathmandu. Although the license of the non-life micro insurance company has been issued with the objective of protecting the backward and disadvantaged groups from becoming more poor by including them in the safety net of insurance, it is not focused on the targeted group. According to the study and analysis of Nepal’s micro insurance business […]<\/p>\n","protected":false},"author":5,"featured_media":274158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45067,45149,45159],"tags":[],"class_list":["post-308560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-important-en","category-laghu-beema-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/308560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=308560"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/308560\/revisions"}],"predecessor-version":[{"id":308561,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/308560\/revisions\/308561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/274158"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=308560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=308560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=308560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}