IRDAI asks insurers to issue Digilocker to policyholders; details here

Eventually, as IRDAI has pointed out, Digilockers will help in reduction in costs, elimination of customer complaints relating to non-delivery of policy copy and improve the turnaround time of insurance services. Also, it will enable faster claims processing and settlement, reduction in disputes, reduction in fraud and improvement in customer contractibility.

It’s important to note that some of the insurance companies are already offering this service.

“We have been offering Digilocker facilities to our customers for two years now. It enables customers to submit their KYC documents and access their insurance policy documents in a digital format, and get a single view of all their essential documents anytime,” said Kayzad Hiramanek, Chief- Operations & Customer Experience at Bajaj Allianz Life.

“Maintaining and storing physical copies does become problematic over time, especially considering the long-term nature of insurance plans. Hence, the issuance of digital copies is welcomed by both customers and us, the providers. IRDAI's circular is a desirable step, as it will enable more service providers and customers to go digital with their life insurance policies, and further enabling the digital drive of the industry,” he added.