India, Oct. 12 -- What should take precedence - the livelihoods of one million employees in insurance distribution or the financial well-being of hundreds of millions of Indian policyholders? The fight between disaggregated, voiceless consumers without a platform and well-funded, organised insurance companies and distributors is unfair. That is where the role of a regulator comes in, especially in retail finance, where the product being sold is invisible, is created in the buyers' mind when being sold and whose moment of truth is sometimes 30-40 years in the future. The battle in India's insurance industry today is about whether the industry protects a high-cost, distribution-led model with little accountability - or moves towards a consu...