BFSI - #SectorUpdates
The Insurance Regulatory and Development Authority of India (Irdai) has proposed to mandate the dematerialization of new insurance policies by the end of this calendar year. Insurance repository (IR) was set up under the insurance repository regulations. Over the last few years, insurance repositories have helped in electronic issuance, storage and services for over 10 million insured persons. Including the regulator, all the stakeholders in the system will likely to benefit by getting customers to open electronic insurance accounts. A greater convenience for the customers will be ensured by the sophisticated portal proposed by the IRDAI, as all their insurance policies would be held in a single repository. Customers would be able to buy insurance policies, pay renewals, raise service requests, and get claims settled with greater ease. For insurers, it would allow improved ease of business, while for the regulator; it would give a real-time dashboard and insights.