Insurance Cos thrilled for e-commerce selling and servicing of policies

Insurance companies are enthusiastic about the proposed guidelines on selling and servicing of policies through e-commerce platform that aims to do away completely with any kind of physical intervention.

The Insurance Regulatory and Development Authority of India (IRDAI) has come out with the exposure draft on selling and servicing insurance policies through e-commerce platform for comments before final regulation is notified.

“This will go a long way in penetration of insurance products. It is a great effort and it will induce lot of benefits to the customers of smaller towns not encouraged by agents and advisors due to lack of adequate remuneration for them,” Bajaj Capital group CEO and director Anil Kumar Chopra said.

Chopra said the country’s accumulated number of issued polices is 12.5 crore and coverage of population will be far low as there would be multiple policies by a single person for health, motor and life.

National Insurance Corporation Chairman and Managing Director K. Sanath Kumar said the company is examining the e-commerce selling and servicing front.

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