Perspectives from ISB

A news item in the Business Standard talks about insurance companies not being in favor of the Insurance and Regulatory and Development Authority’s (Irda) proposal to standardize the life insurance product. The rationale is that life insurance requires some degree of customization and standardization might lead to undiffertiated products. Another way to differentiate might be through better – faster, reliable and more responsive service; Progressive and USAA are some examples that come to mind.