Kathmandu. As the influence of social media has grown, the tendency of life insurance company agents to misuse it is also increasing. In particular, the general public has been deceived by the misleading information given by the agent while promoting life insurance plans on social media by giving him the designation of self-proclaimed insurance advisor.<\/p>\n
National Life Insurance Company has also issued a social media code of conduct for its agents. The code of conduct was issued after the Insurance Khabar exposed that some agents of the company had posted publicity materials on social media using various designations against the business decorum. The company has warned agents not to provide misleading information and not to misuse the company’s logo or name.<\/p>\n
In the inaugural session of the week-long Agent Honor Program, Prabin Raman Parajuli, Chief Executive Officer (CEO) of Nepal Life Insurance, forced the agents to be reminded about the code of conduct after some disgruntled agents made indecent statements about the company on social media. “You are associated with the organization as an agent, it has a code of conduct,” he said while addressing the agent gathering.<\/p>\n
Life insurance companies are not allowed to accept fixed deposits like banks and financial institutions. The returns given by the life insurer cannot be guaranteed except in the case of exceptions. This is because every investment made by a life insurance company is directly linked to the risk of the market. Therefore, if an insurance plan is given a bonus of Rs 60 per year for every 1,000 rupees, then it cannot be guaranteed that it will be given Rs 60 next year. Because it is not possible to determine the interest rate given by the bank on fixed deposits, investments made in the stock market, hydropower, tourism and agricultural companies. It is also not possible to estimate how many years the insured will pay the insurance premium on a regular basis.<\/p>\n
In the midst of such uncertainty, the agents of well-known insurance companies are giving misleading information to the general public by guaranteeing that the bonus rate is the same or that if they deposit Rs 5 million today, they will get Rs 1 crore back after 5 years. Still, they are cheating.<\/p>\n
On the other hand, the name and logo of life insurance companies have also been misused to create and publicize through artificial intelligence (AI) on social networks.<\/p>\n
According to the victims, the cases of fraud have been reported through Facebook pages opened in the name of a well-known life insurance company. It is not possible to distinguish between the social networks (Tiktok, Facebook, Instagram, YouTube channels) created using the logo, name and promotional materials of the company and which is real and fake. In this way, the insured has been deceived due to the failure to distinguish between fake and genuine.<\/p>\n
Life Insurance Company, National Life Insurance Company, LIC Nepal, Asian Life Insurance, Himalayan Life Insurance, Sun Nepal Life Insurance, Reliable Nepal Life Insurance, Rastriya Life Insurance Company, Sanima Reliance Life, Prabhu Mahalaxmi Life Insurance and IME Life Insurance are not authorized or unauthorized. Among the 14 life insurance companies, only MetLife Insurance Insurance, Nepal Life Insurance, Citizen Life Insurance and Surya Jyoti Life Insurance have verified social network accounts.<\/p>\n
The Nepal Insurance Authority (NIA) has to implement a separate code of conduct for the use of social media by the agents for the protection of the interest of the insured. Otherwise, the general public will continue to be misled and deceived.<\/p>\n
Rajendra Amatya, president of the Nepal National Insurance Agents Association, said that the insurers themselves and the license issuing regulators should monitor and control the insurer’s content on social media.<\/p>\n
Among the responsibilities of the Insurance Authority, the protection of the rights and interests of the insured is the first and highest priority. It is also the responsibility of the Authority to monitor and take regulatory action against any activity that is going against the interest of the insured. The NRA should control the regulator before the misuse of social media increases and the public is cheated tomorrow.<\/p>\n
The Authority is not in a position to monitor the activities of four and a half lakh agents licensed by the Authority through social networks. For this, the NRA should make regulatory provisions through the code of conduct to suspend and revoke the license of the concerned agent if any activity is carried out through social media or any other type of broadcasting, misusing the publication media, sending misleading information, advertisement material or misleading the public.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. As the influence of social media has grown, the tendency of life insurance company agents to misuse it is also increasing. In particular, the general public has been deceived by the misleading information given by the agent while promoting life insurance plans on social media by giving him the designation of self-proclaimed insurance advisor. […]<\/p>\n","protected":false},"author":5,"featured_media":312236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45057,45031,45152,45159],"tags":[],"class_list":["post-312250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abhikarta-en","category-banner-news-en","category-life-insurance-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=312250"}],"version-history":[{"count":2,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312250\/revisions"}],"predecessor-version":[{"id":312252,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/312250\/revisions\/312252"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/312236"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=312250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=312250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=312250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}