Kathmandu: The Nepal Insurance Authority(NIA) has instructed all the insurers to design and develop their own insurance product rather imitating others. NIA has issued a circular on Monday and suggested all the insurers to have their own insurance product which is quite different than any other competitors in the market.
It has been found that most of the insurers have almost the same type of insurance product in their product portfolio. Mostly, the life insurers have no distinct product that may carry their brand. There are no basic differences in the major features of the insurance products of all the 19 life insurers. They sale the same insurance product in the market with their own brand name. For example, the annual money-back plan introduced by the Union Life Insurance has been later copied by most of the life insurers.
The market is dominated by either copied insurance products from Indian insurance industry or copied from any one of the competitor.
NIA has suggested all the insurers to grab the opportunity to create distinct identity with the help of distinct insurance product. It has instructed the insurers to develop at least one new product in current fiscal year.
