New Delhi, Sept. 28 -- The insurance distribution industry could see a shift in business models as proposed regulatory changes by the Insurance Regulatory and Development Authority of India (IRDAI) prompt distributors to explore new products, services and revenue streams, according to a report by Nomura.

The report, which assessed management commentary from insurers and distributors following IRDAI's proposed overhaul of the insurance distribution framework, said companies are already evaluating how to adapt to changes in commissions and expense limits.

The shift is particularly visible at PB Fintech, where management indicated that the company is moving away from a "growth at any cost" approach towards a more "rationalised growth" mode...