Latest Update

  • Invitation to the XVI Annual IBAI Brokers Summit on 17 January 2020 and Pre Summit Dinner on 16 January 2020 to be held at The Lalit, New Delhi

    Greetings from IBAI !

    We request your gracious presence for XVI Annual IBAI Brokers Summit with the theme “Insurance Brokers – Driving Insurance Penetration while Protecting Policyholder Interests” on January 17, 2020 from 09:00 AM to 05:00 PM at the Crystal Ballroom, The Lalit, New Delhi.

    We also request your presence for the Pre-Summit Dinner & Cocktails to be held on January 16th, 2020 at the Plaza Terrace, The Lalit, New Delhi from 06:30 pm onwards. 

    IBAI, in collaboration with EY, will also be releasing the IBAI EY Report on increasing insurance penetration and distribution reform.

    IBAI will be recognizing and presenting awards to general insurers according to the findings of the 3rd IBAI Broker Friendly Insurer Survey 2020. The results are based on the feedback taken from broker members. These results cover various criteria, namely – Claims and Grievance Handling, Quality of Policy Placement, Technology Expertise and Broker Oriented Distribution.

     

    The IBAI General Insurance Insights Claims Handbook, 4th edition will be inaugurated by the Chief Guest, Shri Subhash Khuntia. IRDAI Chairman. The Handbook objectively ranks general insurers on their claims performance based on publicly available claims data on the website of Insurance company. The present edition looks at data for the year ending March 31, 2019.

     

    We look forward to having you at the event. Please find attached, the event agenda for your perusal.

    Best Regards,

    Sanjay Kedia
    President, IBAI

  • NIA-Swissre Seminar on Digital Disruption: Embracing Digital Innovation in (Re)Insurance Business on 7th February 2020 at Hotel Trident, Mumbai

    To,

    Dear Broker Members,

     

    Subject: NIA-Swissre Seminar on Digital Disruption: Embracing Digital Innovation in (Re)Insurance Business on 7th February 2020 at Hotel Trident, Mumbai

     

    Wish you all a very happy new year.

    National Insurance Academy in collaboration with Swissre, is organizing the second international seminar on the topic of “Digital Disruption: Embracing digital innovation in (Re) Insurance Business on 7th February 2020 at Hotel Trident, Mumbai.

    Dr. Subhash C. Khuntia, Chairman, IRDAI and Mr. M.R. Kumar, Chairman, LIC of India have consented to be the inaugural speakers, plus other eminent speakers from afro-asian region are also expected to deliberate at the seminar.

    Around 350 to 400 insurance executives, risk managers, brokers, including the CEO’s and the senior executives of insurance companies in Asia and African regions are expected to participate in this seminar.

    The major topics covered in the seminar are:

    1. Embracing New age technologies – Block-chain technology, Internet of Things (IoT), RPA, and Telematics, etc., in Insurance Business,

    2. Applications of Artificial Intelligence: Machine Learning and Deep Learning techniques in Insurance.

    3. Embracing Digital Innovation in (Re)Insurance Business, and

    4. Cyber Security, Cyber Laws and Data Protection-Cyber Insurance.

    Realizing the importance of the seminar, we recomend your participation in this important seminar.

    Copy of the seminar brochure is enclosed for your kind perusal.

    With kind regards,

    Alphonso Vaz

    • What are they doing for big and small brokers

    We look forward working with you on this again. I wish you the very best for the holiday season and hope you will get the chance to have a nice break.

  • 8th Brokers Summit 2020, 10 – 11 March, Singapore

    To,
    All IBAI Members,

    The invitation from organisers of 8th Asis Insurance Brokers Summit to be held in Singapore on March 10 -11, 2020, as detailed below is forwarded herewith for information.
    IBAI has accepted the offer to be Support Partners for this event. As a special justure our members have been offerred concessional rate of USD 750/- for participation in this two days event.

    We recommend that as regional partners, members may support by participating in the this event.

    Best regards,
    Alphonso Vaz

     

    8th Asia Insurance Brokers’ Summit

    10-11 Mar 2020, Mandarin Orchard Hotel, Singapore

    Theme:  “A Perfect Vision for Brokers: Driving Business in the Data Tech Era”

    Brokers have been playing a key role in the insurance value chain since time in memorial though at times unappreciated. In this digital era with InsurTech and the various modes of online distributions, brokers seems further challenged. Some have been talking of disintermediation for almost 30 years now. The time has come in 2020 with a Perfect Vision for Brokers to stand up to the challenge to re-asset their vital role in the insurance value chain to even show how brokers are actually driving the insurance business.

    This is a reality check and not a Pollyanna pipe dream. Hence at this 8th Asia Insurance Brokers Summit we shall embrace this theme and look at the basic strategic core value that brokers bring to the whole value chain: helping to identify the risks; getting the risks assessed; looking at risk management perspectives; searching covers for these risks and getting insurers to think of new products and services to meet these needs and lastly to make sure the price is affordable.Brokers are ready to embrace technology and its tools such as AI, IoT, data and analytics and automation to drive business efficiencies. They are ready to redefining traditional broking business process to go beyond just price. Tech also allows brokers to better understand customer behaviour, establish a clear view of their risk profiles and deliver a personalised experience.

    So the time is ripe now for Brokers to stand tall and assert their true value in insurance even as they fight to retain dominance in the distribution. Go beyond analogue mode, cut through the InsurTech hype to be the best you can be. It is not just about the day to day to challenge of rising customer demands, pressure on commissions, competition as reinsurers entering the market directly, skills gap and legacy processes. This is the vision the 8th Brokers Summit offers.

    A brave new Smart Broker with a leadership role and meat in the business and ready to work with insurers as partners beyond just commissions. This is the critical moment: Brokers have a choice – to be disrupted or be the disruptor.

    Key Topics

    • Broker Keynote Address: How Can Brokers Be a Driver in the Business?
    • Insurer Keynote Address: What Must a Broker Bring to Table as a Partner?
    • Special Address: Impact of Global Recession on Insurance
    • Special Address: The Global Risk Report 2020
    • Reality of Brokers in the Insurance Value Chain
    • How Do Brokers Stay Relevant? – Know your Value Proposition and Be Nimble!
    • Preparing for the Hard Market
    • Independent MGAs: The Future of Underwriting?
    • M&A – Getting Super-Sized for Survival
    • Brokers as Strategic Risk Management Partner: Loss Prevention and Loss Control
    • Global Employee Benefits Trend
    • Brokers Networks – Will it Finally take off in Asia?
    • The Day of the High Street Broker
    • Dealing with the War of Talent

    Digital Brokers

    • Special Address: The Digital Future for Brokers – Adapt and Thrive
    • Special Address: Burying the Threat of Dis-intermediation in the Digital Era
    • What Can Brokers and InsurTech learn from each other?
    • Escaping Legacy System – Removing a Major Roadblock to a Digital Future
    • Aggregators: Friends of Brokers of Foes?
    • Becoming a Digital Brokers Today
    • Driving Innovation – How a Traditional Industry is Innovating with New Technology

    Cyber Risk to Cyber Resilience

    • State of the Cyber Insurance Market— Top Trends and Challenges
    • Calculating the Cost of Cyber Risk

    Brokers on the SME front

    • Advising SMEs
    • The Real Opportunities for Brokers in the SME Market
    • Importance of Brokers as Trusted Advisors for SMEs

    Special Focus on Climate Change

    • Climate Change – what are the key issues for insurance brokers?
    • Tech to Help Brokers Assess Climate Change Risks

    Dialogue Panel Insurers and CEOs: Reality Check on State of Insurance today

    – What Keeps Brokers Up at Night?

    – What keeps insurers awake at night?

    – What constructive collaborative roles can brokers and insurers play?

    – Who drives the cycle?

    – How to keep the business sustainable

    – Top risks to watch; IoT, climate change, driverless cars, political climate and trade wars

    Dialogue Panel: Brokers and Risk Managers

    – Understanding the world of risk management and risk managers

    – What more could brokers do for risk managers?

    – Are risk managers coming of age?

    – Are brokers geared up

    Leadership Panel on Championing Change
    Panel: Is the Industry Embracing Diversity and Inclusion Enough?

    – Attract a diverse workforce in broking

    – Strategy to achieve gender equality

    – Managing multi-generational workforce

    – The war between Big and Small Brokers

    Panel on Brokers’ Association & Professional Bodies

    • What are they doing for big and small brokers

    We look forward working with you on this again. I wish you the very best for the holiday season and hope you will get the chance to have a nice break.

  • ASSOCHAM 12th Global Insurance Summit, Mumbai

    To
    All Broker Members,

    Dear Sirs,

    We have received the below emailer in connection with “12th Global Insurance Summit with the theme:“ Making India a Fully Insured Society ” being organized by ASSOCHAM on 06th December 2019, Hotel Four Seasons, Worli, Mumbai

    Mr. Subhash Chandra Khuntia, Chairman, IRDAI will be the Chief Guest and deliver the Inaugural Address at the Summit.

    The registration form is enclosed for your reference from which you will note that concessional participation fee for IBAI Members is kept at Rs. 2,000/- only, plus Gst..

    This is a platform widely harnessed for networking opportunities with CEOs & top management of insurance companies; insurance brokers & intermediaries; and other Industry stakeholders..

    We recommend your participation in this high profile event and benefit by it.

    Best regards,

    Alphonso Vaz

    IBAI Secretariat

  • Results of Election of IBAI Directors – September 24, 2019.

    To,
    All IBAI Members

    We are pleased to announce the results of Election of IBAI Directors held at the Annual General Meeting held on September 24, 2019.

    Following are the results:
    1. Mr. Kishan Agarwal representing M/S.Worldwide Insurance Brokers Ltd.. re-appointed as Director from the North Zone
    2. Mr. Akhilesh Jain representing M/S. Trinity Reinsurance Brokers Ltd. re-appointed as Director from North Zone.
    3. Mr. Kapil Mehta representing M/S. SecureNow Insurance Broker Pvt. Ltd re-appointed as Director from North Zone.
    4. Mr. Mukesh Jain representing M/S. Sridhar Insurance Broker Pvt. Ltd. appointed as Director from North Zone.
    5. Mr. Girish Malik representing M/S. Xperitus Insurance Brokers Pvt. Ltd. re-appointed as Director from West Zone.
    6. Mr. Ciby Varghese representing M/S. Bima Genie Insurance Brokers Pvt. Ltd. appointed as Director from South Zone.

    We wish to congratulate the newly elected / appointed Directors and extend our best wishes to all of them.

    We also wish to thank all our Broker Members for participating in the e-voting election process and also to those who were present in person at the AGM.
    Best regards,
    Vijay Rampal
    Director & Hon. Secretary

  • Lokmat Insurance Summit 2019 scheduled for September 19, 2019 in Mumbai at Hotel Sahara Star.

    To,
    All IBAI Members,
    We have been invited for the First Edition of the Lokmat Insurance Summit 2019 centred on the theme Rejuvenating the fight against Fraud through People, Process & Technology” scheduled for the  19th September 2019 in Mumbai at Hotel Sahara Star.

    Dr. Subhash C Khuntia , Chairman, IRDAI, will be Guest of Honour and address the conference.

    As supporting partner IBAI Members have been offered discounted participation fee of Rs. 3000/- (all inclusive) per participant.
    Summit Broucher and Programme details are attached for your information.

    You may register your participation directly with ‘Lokmat Media Pvt. Ltd.’ and extend support for the Summit.

    For registration, Please contact: Mr. Sebastian D’Souza at Sebastian.dsouza@lokmat.comM: +91 7620923306

    Best regards,
    Alphonso Vaz

  • Intermediary Reward Scheme

    The revised NICL Reward Scheme for Intermediaries for the period 01.08.2019 to 30.09.2019

  • Invitation to Members to nominate candidates for electing Directors on the Board of IBAI

    Dear Member(s),
    Attaching herewith the Election Notification for the purposes of electing Directors on the Board of IBAI.

    Members, who fulfil the eligibility criteria specified in the attachment are requested to send their nominations before 5.00 p.m. on 12th August 2019 at the address specified in the signature below.

    The list of the eligible candidates would be displayed on the website i.e. www.ibai.org by 5.00 p.m. on 14th August 2019.
    I have also attached the word copy of the document for convenience.

    Best Regards,
    CS Sandeep Parekh
    Election Officer
    Insurance Brokers Association of India

    C/o. Sandeep P Parekh & Co
    Company Secretaries
    B-410 BSEL Tech Park,
    Opp. Vashi Railway Station,
    Vashi, Navi Mumbai – 400 705
    Tel (022) 2781 2057/2781 2053
    www.sppc.co.in

  • IT Vendor for support to members on filing BAP Returns.

    To,

    All IBAI Members,

    Dear Members,

    IBAI is commencing a new service which will benefit most of its Members , this service will enable them to file their BAP Returns on time.

    As all of you are aware that BAP Returns have to be filed at regular intervals viz (Quarterly, Half Yearly and Annually )

    The Quarterly filing dates are from 1st to 15th of the month following the end of each Quarter (March, June, September and December)

    We have engaged an IT company named SOLUTION INFINITE NETWORKS LLP whose services will be available to all our broker members every quarter from 6th to 20th of the month.

    This assistance will be available from 8th July to 23rd July for Quarter 1 Returns and then from 7th Oct to 22nd Oct for Quarter 2 Returns and so on.

    The resource will be available from 10 am to 6 pm from Monday to Saturday except Public holidays at the Help Desk Number 9004349299

    Members facing problems / issues with the system or any trouble shooting issues can call at above Help Desk Number (viz 9004349299) and take assistance from this resource.

    If required the resource will take your PC on remote and try to help you to resolve the issue.

    The resource will not be able to help or comment on the Data part as he is just there for Hardware and Software issue.

    We will try and get him engaged with IRDAIs BAP Vendor Company to have better understanding of the BAP system during the course of time


    Disclaimer : This service is purely in the interest of assisting our Members (on hardware and software issues) and to facilitate them to file their BAP returns and it nowhere guarantees filing of returns on time as prescribed by IRDAI.

    If your problem still persists / remains unresolved you need to approach the BAP Help Desk team at IRDAI and raise tickets accordingly in prescribed time frame.

    Regards,

    Vijay Rampal

    Director & Hon. Secretary

  • On-line 25 hours renewal training for Broker Members

    To,

    All Broker Members,

    Dear Sirs,

    We are pleased to inform that the IBAI On-line 25 hours Renewal Training for Broker Members has been receiving very good response from our Broker Members.

    It has been IBAI’s endeavour to spread the Insurance knowledge to a larger section of employees of broking fraternity. Therefore has reduced the Training fee from Rs.2,000/- to Rs. 100/- plus GST 18% , to make the same affordable to more members and are encouraged to avail the Training facility established by the Association.

    We are hereby encouraging all our members to patronise on-line training through IBAI established training facility to their employees, so that IBAI attains the unique status of largest online training centre.

    Best regards,

    S.K. Jain

    Sr. Vice President

  • Webinar Lecture Series on Insurance for Broker Members

    Dear Broker Members,

    Further to communication dated 27/2/2019 from President Shri Sanjay Kedia, the Association has taken an initiative of webinar Lecture series on Insurance, starting Friday, March 8, 2019.

    The schedule of webinars till Jun 2019 is given below for your readily reference.

    The first webinar to be held at 3.00 pm on 8/3/2019 will be on the important current topic “Impact of GIC circular on premium”.

    All are requested to join on the appointed date and time.

    Schedule of webinars and the guidelines are given below for information of Members.

    Best regards,
    Alphonso Vaz
    IBAI Secretariat

     

    Schedule of webinars for the period March to May 2019

    S.no Topic Date of webinar Name of Speaker
    1 Impact of GIC Circular on Insurance premium 8/3/2019 Sh Hari Radha Krishana (hari@amicusbrokers,com)
    2 Cyber Risk 15/3/2019 Dr N Raveenderan po_alegion@alegion.net
    3 Fire Insurance Coverage’s , Exclusions, Add On cover 12/4/2019 Members  are invited to deliver talk on any of these topics.
    4 Precautions to be taken while buying the Fire Insurance with case studies 26/4/2019
    5 Claim settlement under fire Insurance  with case studies 10/5/2019
    6 Marine Cargo Insurance with all clauses 24/5/2019
    7  Precautions to be taken while buying Marine cargo Insurance 14/6/2019
    8 Claim and case studies of Marine Cargo insurance 28/6/2019

    Guidelines:

    1. The topics at serial no. 3 to 8 are tentative and can be changed as per member’s request.
    2. Duration of webinar will be of 60 -90 minutes. The speaker has to intimate in advance the duration of his talk.
    3. PPT is to be sent one week before the date of webinar.
    4. No remuneration will be paid to any speaker but memento i.e trophy with the speaker name will be awarded.
    5. The webinar on the topic “Claims” will be preferred from the Surveyor.
    6. All webinar will be recorded for future reference and will be available at the website of IBAI, the same can be listened by paying the nominal fees of Rs 100/- per webinar.
    7. Any specific query of the members  may be sent to the speaker in advance or after the webinar  at the email of the speaker with a copy to ibai@ibai.org
    8. IBAI will be maintaining the panel of  speakers, interested Members  are requested to submit their names  along with the topic to Vice- President shri S. K. Jain at skjaineibl@gmail.com  and IBAI at ibai@ibai.org.
    9. The link of the webinar will be sent on the email id available at the website of IBAI, therefore, all member are requested to provide the correct email id.

  • IRDAI (Re-insurance) Regulations, 2018

    To,

    All Composite and Reinsurance Broker Members

    Dear Sirs,

    Notification dated December 5, 2018, – IRDAI (Re-insurance) Regulations, 2018 which will be effective 1-Jan-19, is attached for your information please.

    Best regards,

    Alphonso Vaz

  • Rewards to Intermediaries for FY 2018-19 – National Insurance Co. Ltd.

  • Constitution of Working Group for revisiting the Surveyor Regulations

    To,

    All IBAI Members.

    Respected Members,
    This is to invite your attention to below email of August 17, 2018, from President Mr. Sanjay Kedia inviting your comments and suggestions for changes and improvement on the Surveyor Regulations, addressed to all members.

    While we have been in dialogue with Authority on the subject, look for your feedback also on the regulations which would be highly valuable for us, so that consolidated feedback all the members could be placed before IRDAI for their consideration.

    Once again therefore, requesting all those who are yet to respond to kindly share your feedback with Shri Kishan Agrawal, Director & Treasurer, IBAI, at kishan@wibl.in who is spearheading this initiative, with a copy to ibai@ibai.org, within a week’s time and not later than October 6, 2018.

    Best regards,

    Alphonso Vaz

  • Online registration by IBAI Members

    To,

    All Broker Members

    Dear All,

    As you are aware that with regard to election of Directors on IBAI Board, e-voting provision has been incorporated in the AOA of IBAI. In order to implement the same, the data of members along with name of their nominated authorized person is required to be submitted to the Authorised Agency (CDSL) to mail the procedure of e-voting to respective members.

    Therefore it is requested that all members may kindly fill in membership registration form available on home page of IBAI website www.ibai.org. by clicking existing user or new user as the case may be.

    We also wish to inform as per provision in the Articles of Association of IBAI, the annual membership fee of the Association for the financial year 2018-19 is required to be paid before 30th June 2018, as otherwise the member will not be allowed to caste vote or contest in the election process.

    There are also some members who have not paid fees for earlier years and have been sent reminders dated April 18, 2018 and those who have not responded so far are requested to deposit the same to avoid ineligibility for voting and contesting the election.

    Members who have already done their membership registration on line on IBAI website may kindly ignore this email message.

    Best regards,

    Alphonso Vaz

    IBAI Secretariat

  • Code of conduct for members

  • CIRCULAR

  • FAQ’s on Insurance Brokers Regulations 2018

  • FAQ’s on Insurance Brokers Regulations 2018
  • Presentation on Brokers Regulations 2018

    A
    Presentation
    On
    IRDAI (Insurance Brokers) Regulations2018
    At
    New Delhi/Kolkatta /Mumbai/Chennai
    By
    Insurance Brokers Association of India


    broker regulations 2018
    Download
  • Online Renewal Training for Broker Members

    To,

    All Broker Members.

    Dear Members,

    We are pleased to inform that the IBAI – Online Renewal Training for Broker Members was inaugurated by Shri T.S Vijayan, Chairman IRDAI, at the XIV Brokers Summit held at Taj Krishna, Hyderabad on January 24, 2018.

    With this, a new chapter has been added with IBAI starting ‘online training for Broker Members’ for renewal of broker licence of members.

    The fee payable for the online training programme is kept at Rs. 2,000/- only plus GST, per candidate.

    Broker Members are kindly requested to register their names for the online renewal training through the training link provided for online brokers training on the home page of IBAI website.

    We suggest all the members to opt for Renewal training facility established by IBAI for imparting quality training for the benefit of Member Brokers and for success of this initiative.

    we trust that all broker members would support this initiative taken by the Association

    Best regards,
    Board of Directors of

    Insurance Brokers Association of India

  • Insurance Brokers Regulations 2018

  • Location of New Office

    To,
    All Members,

    We are pleased to inform that for the first time IBAI will be moving to an independent office at a new location from November 6, 2017.

    Location of New Office is at:

    A –Z Industrial Premises,
    1st  Floor, Unit no. 165,
    G.K. Marg. Lower Parel,
    Mumbai – 400 013.

    During the shifting process, there will be temporary restricted service available to IBAI members for a couple of days.

    There will be telephone call transfer facility available from existing number for some time till we get a new Number (which will be intimated in due course) and you may continue to contact us on  existing telephone number 22846544. The email id’s ibai@ibai.org and avaz@ibai.org and cell no. 9820045606, will continue to remain  the same.

    We will strive for providing the excellent service and look forward to your continued support.. 

    Best Regards,
    Alphonso Vaz
    IBAI Secretariat