Bangalore: In this techni-era, where everything is available online, then why not an Insurance? E-insurance, that is insurance policies in electronic form, is likely to be launched by the May-end or early June.
As per the senior insurance experts, the sector is in its last final finishing preparations and checking it vigilance and infrastructure, as reported by Neha Pandey Deoras from Business Standard.This service will be available in most of the insurance covers like life, auto and health, but for a start E-insurance can be availed for life covers.
As per the senior insurance experts, the sector is in its last final finishing preparations and checking it vigilance and infrastructure, as reported by Neha Pandey Deoras from Business Standard.This service will be available in most of the insurance covers like life, auto and health, but for a start E-insurance can be availed for life covers.
An Official from Insurance industry said, “Five to ten insurance companies are ready for issuing E-insurance. The rest may start by September”, as quoted by Business Standard. Companies like ICICI Prudential Life Insurance and Birla SunLife Insurance are already set to launch this new innovation.
The insurance sector expects initially a downfall of customer’s grip. It also expects to se e 2-5 percent of the new business premium in the electronic form in the first year of e-policy, which may increase to 10-15 percent in the second year.
On this note, K. R. Chandradekaran, Insurance and Banking Head of CAMS, says, “Policyholders will understand the ease of owning an e-policy and gravitate towards it once they own one.”
How to Buy an E-Insurance?
Chandradekaran says, one can approach an insurer and ask for an e-insurance to be issued on his/her name. The insurance provider should then inform the repository, which again will call you to complete the KYC (Know Your Costomer) and fulfill the norms for an e-insurance account (e-IA).
Once done, the policy will be issued and the insurer can share the details with the repository, who in return will update your account. Each e-IA will have different login ID and password to access the account.
On this note, K. R. Chandradekaran, Insurance and Banking Head of CAMS, says, “Policyholders will understand the ease of owning an e-policy and gravitate towards it once they own one.”
How to Buy an E-Insurance?
Chandradekaran says, one can approach an insurer and ask for an e-insurance to be issued on his/her name. The insurance provider should then inform the repository, which again will call you to complete the KYC (Know Your Costomer) and fulfill the norms for an e-insurance account (e-IA).
Once done, the policy will be issued and the insurer can share the details with the repository, who in return will update your account. Each e-IA will have different login ID and password to access the account.
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