IRDAI Plans To Dematerialise All Insurance Policies
IRDAI has mandated dematerialisation of new insurance policies by December 2022.
Starting November 1, eKYC will also become mandatory for all insurance policies. eKYC will further help in dematerialising insurance policies.
IRDAI has asked insurance companies to dematerialise new insurance policies by December 2022 and existing/old policies by December 2023.
This will allow a policyholder to create a portfolio of insurance policies and store them in an electronic form with an insurance repository.
This process would result in reduced transaction costs and quick modifications in policies.
Dematerialisation of policies is a progressive move that will bring the benefits of automation and digitisation to the fore, and help serve customers better.
IRDAI has proposed setting up a new platform for sale, servicing and claims of insurance policies. The same will be available from December this year.
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