Faster Insurance Claims On Cards: Firms Told To Issue Digital Policies

New Delhi: Insurance policy holders can now experience faster claims processing and settlement as well as reduction in disputes and fraud.

This is because the IRDAI (Insurance Regulatory Authority of India) has advised all insurance companies to issue digital policies via DigiLocker.

The Electronics & IT Ministry informed this in a release on Friday.

In its circular to the insurance companies, the IRDAI stated, “In order to promote the adoption of DigiLocker in the insurance sector, the Authority advises all insurers to enable their IT systems to interact with DigiLocker facility to enable policyholders to use DigiLocker for preserving all their policy documents”.

The circular also mentioned that the insurers should inform their retail policyholders about DigiLocker and how to use it.

Notably, DigiLocker is an initiative under the Digital India program by the Electronics & IT Ministry by which citizens can get authentic documents/certificates in digital format from the original issuers of these certificates.

It aims at eliminating or minimising the use of physical documents and will enhance effectiveness of service delivery, making them hassle free and friendly for the citizens.