Author(s): Tanvi Thakkar and Aparna Ger
Advertising is used as a strategic technique by insurance businesses to attract the attention of prospective clients and urge them to purchase the comprehensive insurance options that the insurance company has to offer. Gaining market share is a common goal for most companies that sell insurance goods, as advertising has become essential to their existence. The most important goal of insurance advertising is to seamlessly include the mission of giving information that is reliable, objective, clear, and relevant regarding risk coverage and insurance products. Concurrently, consumer protection works towards the goal of ensuring that insurance companies give their consumers with relevant and appropriate product details, defend the rights of policyholders, and set up efficient systems for handling complaints. The purpose of this study is to conduct an in-depth analysis of the regulations that are imposed by the Insurance Regulatory and Development Authority of India (IRDA) and compare those regulations to the exemplary procedures that are recommended by regulatory authorities in other parts of the world.