IRDA has stated that from October onwards, buying insurance policies would require an e-account. Learn how this initiative makes it convenient for insurance seekers.
The insurance sector will soon witness and reap benefits of the digital revolution, which has so far taken over most sectors. Recently, the Insurance Regulatory Development Authority of India (IRDA) has laid down a new regulation stating that from October 1, 2016, all insurance policies (including motor and travel) would have to be issued in electronic form. This is similar to buying and storing shares online in demat form.
If this norm has to be executed, customers would require an e-Insurance Account (eIA) for buying as well as renewing policies. Right from filling online forms, making payment, to getting their policy issued, insurance seekers can do it all conveniently at home. The management of policy documents would also get easier online.
This act by IRDA will also keep fraudsters at bay. Customers won’t be cheated with fabricated policies as digital policies will be authentic.
Sadly, the insurance industry hasn’t been very supportive about this new regulation, since many are still unaware about the power and necessity of technology that is driven by the digital revolution.