The Insurance Regulatory and Development Authority of India (IRDA) has said that insurance portability will be the next big issue the industry should take up.
IRDA Chairman T.S. Vijayan has said that there is no initiative from the regulator on the issue of portability, but he wants the idea to be debated in various forums.
Currently, portability is available only for health insurance policies. The portability of insurance policies is possible only if the policy is standardized. If different clauses are there, the first attempt is to make it simple and standardized the policy, said Vijayan.
There is no road map for insurance portability. Digitization of policy is the first step. One’s that is done, we can think of it, said Vijayan.
He said that portability would help people rate or rank the company services and choose the better one
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