The Insurance Regulatory and Development Authority of India (IRDAI), has announced the compulsory digitisation of insurance policies starting April 1, 2024. Under this directive, all insurance policies across various categories, including life, health, and general insurance, will be issued electronically.
E-insurance, as it's termed, involves the management of insurance plans through a secure online platform known as an e-insurance account (EIA).
This initiative promises a multitude of benefits for policyholders, ranging from enhanced convenience to heightened security.
Siddharth Singhal, Business Head of Health Insurance at Policybazaar.com, lauded the move as a customer-centric initiative.
ALSO READ | From day one coverage to transferrable waiting period — here's how maternity health insurance is evolving
He emphasised the convenience that e-insurance brings, stating, "With all insurance policies eligible to be held in electronic format and accessible through an e-insurance account, managing insurance plans becomes more convenient than ever before."
Singhal highlighted several advantages of digitisation, including the elimination of paperwork, reduced risk of document loss, and simplified processes for updating details such as changes in address or contact information across multiple policies.
Furthermore, he emphasised that this digital transformation fosters seamless communication between insurers and policyholders, facilitating smoother claims settlement processes and ultimately enhancing the overall experience for policyholders.
ALSO READ | Insurance regulator's final rules on surrender value from April 1: Here's what it means for policyholders
