IRDAI’s Big Digital Push Set to Test Tech Readiness of Indian Insurers
IRDAI’s Big Digital Push Set to Test Tech Readiness of Indian Insurers – IRDAI has relaxed the necessity for a customer’s signature on text of a replacement policy till March 31, 2021
It further said that insurers can obtain customer’s consent through OTP, registered email or mobile
The insurance regulator has also exempted the insurers from mandatorily sending text of the document to policyholders
IRDAI Gives Nod For Insurers to urge Policy Holders’ Consent Through OTP
In a big digital push, the Insurance Regulatory and Development Authority of India (IRDAI) on Friday (September 11) has allowed health and general insurers to get consent of prospective policy holders through a duly validated just one occasion Password (OTP), thus dispensing with the practice of getting a wet signature on policy documents. the relief are going to be valid till March 31, 2021.
The move will test the depth of the insurance market, which has only a couple , primarily the highest six or seven companies, are investing deeply in technology integration and digital distribution.
However, with over 30 general insurance and over 24 life assurance companies, India may be a bustling insurance market with penetration in rural areas too because of public insurance policies and plans.
As per insurance providers, startups and technology providers, within the ongoing pandemic, there has been a rise observed in health cover buying for kids and senior citizens. insurance sales went up by 40%, consistent with PolicyBazaar. Besides this variety of Covid-19 standalone products were launched by health insurers.
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