We hate paperwork. Admit it, we do! Don’t you all curse the tedious task of collating documents when you fill an insurance form or when you need a bike insurance renewal or any insurance for that matter? The mile long list of documents that need to be submitted each time you require procuring some financial service will put anyone off.
There is a good news round the corner. With the rapid advancement in technology coupled with a widespread adoption of mobile devices, the idea of paperless transactions in insurance sector was a much-needed boost. Now, in full force, a completely digital or paperless insurance is likely to benefit the insurance industry the most.
The Insurance Regulatory and Development Authority (IRDA) has recently announced the onset of the Insurance Repository System that will allow you to keep a tab on your insurance policies in paperless form. That too, for free.
With this recent change, you will no longer be able to buy traditional paper insurance from October onwards as a majority of policies will be issued in a digital format.
In order to streamline all your insurance policies digitally, you will now require an e-Insurance Account, just like the Demat account does for shares and securities. It will prove to be a boon to bike riders as they will not have to carry the insurance papers with them. Rather, it’s not only about your bike insurance, your all insurance policies will be clubbed in one single e-Insurance account.
As per the guidelines from IRDA, all insurance policies will be purchasable only in demat or dematerialized form. So, this means if you have bike insurance renewal due, you must open an e-insurance account to be able to renew your policy as per the 1st October deadline.
Similarly, your other insurance policies will also require an e-Insurance account depending on the total annual premium payable. It’s simple you can open an e-Insurance account with any regulated insurance repository free of cost.
What’s there for me in e-insurance account?
With the advent of insurance digitization within an e-Insurance account, the IR will be responsible in providing the mandatory information like, policy status (including net asset value status, premium status, loan status, bonus status, nominee/assignment status, claims status, etc), premium due calendar and online premium payment facilitation, premium history and annual statements. Isn’t that cool!
So, the idea of going digital for insurance sector is to make sure that policyholders have a better experience while buying, safekeeping, and renewing all their insurance policies. On a broader perspective, an e-Insurance account will make the insurance process automated and transparent. Needless to say, everything from filling up of the application form for buying insurance and making payments for your premium, to the final issuance of the policy documents and later, the renewals, will be paperless and streamlined.