E-insurance to ease storing policies, simplify KYC, payments

The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to have an e-insurance account for policies purchased after October 1.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Business

Oct 18, 2016, 11.08 AM | Source: Moneycontrol.com

E-insurance to ease storing policies, simplify KYC, payments

The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to have an e-insurance account for policies purchased after October 1.

Like this story, share it with millions of investors on M3

E-insurance to ease storing policies, simplify KYC, payments

The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to have an e-insurance account for policies purchased after October 1.

Post Your Comments

Share Cancel

SV Ramanan (more)

CEO, CAMS Repository Services | Capital Expertise: Insurance

Rishma Kapur
Moneycontrol

The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to have an e-insurance account for policies purchased after October 1.

IRDAI had introduced e-insurance accounts two years ago, but has made it compulsory only recently.

The move will help not only in consolidating portfolios, but also reduce multi-step procedures and make payment and claims easier, SV Ramanan, CEO of CAMS Insurance Repository Services told Moneycontrol.

The e-insurance account will provide a single point of access to policyholders. In one account, holders can store multiple policies issued by different insurers. The existing physical policies can be converted into e-copies by the policy holder.

The electronic copies will be considered originals by the authorities.

Ramanan says that nearly maturity claims of Rs 5,000 crore go unnoticed. The new system will regulate the entire cycle.

As per the rules, each account will have a unique identification number and password to access also e-documents.

Not only the documents are secured in one place, it simplifies the Know Your Customer (KYC) process, making changes in existing and new policies. Another benefit is that customers will no longer have to go to insurance offices to get the work done.

The holder will have to do the KYC only once and not repeatedly for all insurances that he/she takes.

The new system will provide high access to policy holders for low data charges. In areas where digital reach is low, the insurance companies have nearly 1,25,000 common service centres for every six villages that will help people in setting up e-insurance accounts.

On the issue of increasing cyberfrauds, Ramanan said that the electronic infrastructure is strong enough to prevent such frauds.

So far, seven lakh people have registered for the online facility and nearly 5 lakh policies have been converted. 

The government’s digital lockers, which are also issued by some private entities like ICICI Bank, are similar to e-insurance accounts. The difference is that in a digital locker, the holder can save multiple documents including insurance papers.

On the other hand, IRDAI’s e-insurance account is exclusively for storing e-insurance documents.
Buy, Hold, Sell ? Hear it first on M3
E-insurance to ease storing policies, simplify KYC, payments

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login