This will enhance customer experience, and provides a centralized platform for managing all insurance policies seamlessly
FinTech BizNews Service
Mumbai, March 28, 2024: At the 125th Authority meeting convened on Tuesday, March 19, 2024, at the IRDAI Head Office in Hyderabad, the Authority approved eight principle-based consolidated regulations, following the comprehensive review of regulatory framework for insurance sector. The IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024, aims to establish a Digital Public Infrastructure named Bima Sugam towards universalization and democratization of insurance as well as empowering and safeguarding policyholders' interests and achieve the vision of "Insurance for all by 2047”.
Shashank Chaphekar, Chief Distribution Officer, ManipalCigna Health Insurance, shaqres his views on the recent E-insurance development mandated by IRDAI:“The mandatory introduction of E-insurance by the IRDAI marks a significant step towards enhancing transparency and accelerating digitization in the insurance industry. Policyholder can now access their insurance policies digitally through their electronic Insurance Account (eIA). By mandating the conversion of all insurance policies into electronic format, this development ensures security of policyholder information and provides greater accessibility by eliminating the complex paperwork, hence streamlines processes for both insurers and customers.
This step will also enhance customer experience, and provides a centralized platform for managing all insurance policies seamlessly. The development marks a pivotal moment towards serving customers better in this digital age. We believe this move will also reinforce trust in the insurance industry as a whole.”
