Breaking News: Unclaimed insurance funds higher in agent-sold policies: Analysts | Insurance – Business Standard
The unclaimed funds within the life insurance sector are higher from policies sold by agents as against other channels like bancassurance or a digital platform, said analysts and officials from insurance companies.
Unclaimed life insurance funds refer to the proceeds of insurance policies including death or survival benefits not claimed by the beneficiary or the policyholder. Bancassurance means selling an insurance product through banks.
“The insurance companies can easily verify the bank details with the bank for bancassurance customers and also get new bank account, contact details and address from the bank based on Permanent Account Number (PAN) numbers. The updating of customer mobile and email in policies sourced through digital channels also helps to instantl...