Kathmandu. At present, it is imperative to provide insurance to all sections and levels of the society including the remote rural areas of Nepal.
In Nepal, which is surrounded by natural and geographical remoteness, insurance is the only way to protect the loss of life and property of the people. For this, the regulator, the Insurance Authority, the insurance companies and all the stakeholders have to work together.
Insurance literacy is the only strong source of increasing insurance access. For this, all parties should be involved.
The main responsibility and responsibility for increasing insurance literacy lies on the shoulders of the insurer. The monitoring body is the Nepal Insurance Authority.
The draft of the Insurance Literacy Framework, 2083 BS released by the authority has clearly mentioned the role and responsibility of the insurer. After the implementation of this framework, the Authority will direct the insurance company to implement it.
Responsibilities and Role of Insurer
To mandatorily follow the framework and standards issued by the Nepal Insurance Authority while formulating the annual plan and periodic action plan related to insurance literacy.
To make arrangements for the implementation, management and monitoring of a separate insurance literacy program at its central office for effective implementation, coordination and continuity of insurance literacy programs.
While preparing literacy plans, incorporate both theoretical and practical aspects to bring about positive changes in the knowledge, skills, attitudes and behavior of each target group.
Based on this framework, regular study and awareness materials should be produced and disseminated in simple Nepali and local languages that can be easily understood by the general public.
Insurance literacy programs should be conducted primarily for the purpose of promoting corporate social responsibility and citizen awareness, not only for business purpose, expansion or branding.
• Conduct insurance literacy programs in an equitable manner across all sectors and target groups.
To conduct training, training and capacity building programs on a regular basis for its employees, agents and intermediaries to advance insurance literacy and awareness campaigns effectively.
To develop necessary information mechanisms at digital platforms, hotlines and local branch offices so that the general public can easily access insurance related information.
To collect and manage the public complaints, suggestions and feedback received by its customers and the general public during the insurance literacy program and to continuously enhance the quality of insurance service as per the standards.
Regularly report all activities related to insurance literacy, physical and financial progress and integrated details of public complaints received in the format of Schedule-2.
To ensure transparent and proper utilization of insurance literacy and annual budget by allocating annual budget for insurance literacy and promotional activities as per the guidelines of the Insurance Authority.
