You can soon use Digilocker to store your insurance policies

The insurance regulator has asked companies to spruce up their IT systems to allow storage of policies through the Digilocker. Policyholders are already permitted to store their policies electronically in the Digilocker but this facility hasn't yet taken off in a big way in the sector. The Insurance Regulatory and Development Authority of India (IRDAI) now wants insurers to encourage their customers to use this facility.

DigiLocker is a digital locker app that can be used to securely save copies of important documents on devices such as a mobile phone. The app is available for download on the Google Play Store and Apple App store. Important government documents such as driving licence, car registration, voter ID, PAN card, school and college certificates, and many other document can be saved digitally. Documents presented in digital form DigiLocker can be produced as an ID proof for verification purposes.

Benefits

The DigiLocker will not only help in storing policy documents in electronic form but also reduce costs and eliminate customer complaints relating to non-delivery of policy copy. It would also result in an improved turnaround time of insurance services, faster claims processing and settlement, reduction in disputes, reduction in fraud, etc. On the whole, it is expected to enhance the customer experience.