Ganesh Adhikari Calls for Unity Between Insurance Authority and Companies to Protect Agents’ Future

Kathmandu – Ganesh Adhikari, a prominent figure in Nepal’s Insurance Sector and Central President of the Professional Insurance Agents Association has been actively advocating for the rights of insurance agents and the protection of policyholders.

In an exclusive conversation with BeemaPost, Ganesh Adhikari, Central President of the Professional Insurance Agents Association, expressed his concerns about the current state of insurance agents and called for urgent collaboration between the Insurance Authority and companies.

Mr. Adhikari, how would you describe the current professional status of insurance agents in Nepal?

Ganesh Adhikari: The situation is quite discouraging. Frequent regulatory changes by the Insurance Authority have created an unstable environment, forcing many agents to leave the profession. It’s becoming increasingly difficult for agents to sustain their careers.

There are allegations that the Insurance Authority is not supportive of agents. What’s your take on this?

Ganesh Adhikari: The Authority’s primary duty should be to ensure a safe working environment for agents. Unfortunately, decisions are often made without consulting agents, which adds to their challenges. We urge the Authority to involve us in policy discussions to avoid such issues.

What steps is the Professional Insurance Agents Association taking to support agents?

Ganesh Adhikari: Our association is dedicated to protecting agents’ rights. We are in regular discussions with the Authority and companies to improve working conditions. We also provide financial support to our lifetime members, including NPR 51,500 for chronic illness and NPR 11,500 to families in case of death.

What message do you have for Nepal Life’s agents?

Ganesh Adhikari: I encourage all 57,000 agents to join our association. We are working to provide training and motivation, and we’ve asked the company to recognize active agents. The company is responding positively.

The number of insurance agents is decreasing. How concerning is this trend?

Ganesh Adhikari: It’s a serious concern. New agents are leaving due to uncertainty. The Insurance Authority and companies must provide better facilities and services to retain them. Without agents, the insurance sector will suffer.

Nepal Life’s ‘Paathshala’ initiative has sparked mixed reactions. What’s your view?

Ganesh Adhikari: Paathshala is a great platform for training agents, but we strongly oppose using online platforms for agent recruitment. Recruitment should be done professionally by other agents, not through online means.

Nepal Life is celebrating its 25th anniversary soon. What are your expectations from the company?

Ganesh Adhikari: Nepal Life will be celebrating 25th Jubilee anniversary from upcoming Baisakh month. On this occasion, we will provide 21 percent dividend to the shareholders. We also expect Nepal Life to increase bonuses for policyholders and waive late fees for lapsed policies during COVID-19. Long-serving agents also deserve recognition for their dedication.

There have been complaints about critical illness claims in the insurance sector. What is your opinion?

Ganesh Adhikari: Nepal Life has maintained its commitment to CI claims, but some companies have failed. The Insurance Authority’s weak policies are partly to blame. Agents must advocate for policyholders’ rights to maintain trust in the sector.

There is also a growing disappointment among the general public regarding life insurance. What’s your take on this?

Ganesh Adhikari: Yes, many insured individuals are becoming frustrated because some agents mislead them. Instead of explaining that the maturity amount depends on the bonus rate, they promise double returns, which is misleading. It’s crucial for citizens to understand that the payout is based on the bonus rates declared by the company.

I urge everyone to thoroughly understand the terms and compare premium rates before buying life insurance. Many policyholders are upset when they receive less than what they expected, even though they do get their claims.

You have been in the insurance business for 24 years. How do you reflect on your journey?

Ganesh Adhikari: I entered the insurance sector in 2058 BS. The initial phase was very challenging as there was little awareness, and people had limited financial means. Employee salaries were as low as NPR 2,100, making it difficult to sell large policies. We had to rely on selling smaller policies to survive. However, my belief in hard work has kept me going.

Today, people’s perception of insurance is improving, and saving habits are growing. The market is more comfortable than before. I encourage everyone to choose companies that offer better benefits and services for their insurance needs.