M Ravichandran expresses views on IRDAI norms for selling and servicing of insurance policies through e-commerce platform

Mr. M Ravichandran, President-Insurance of Tata AIG General Insurance has expressed his views regarding the latest development of IRDAI proposing norms for selling and servicing of insurance policies through e-commerce platform. 

He has said, “The IRDAI’s proposed norms for selling and servicing of insurance policies through the e-commerce platform is a welcome move for the under-penetrated insurance space in the country. It will facilitate ease of entry for distributors to get onto digital platforms. Companies can benefit by creating a large network of digital touch points, building more transparency and reach for distribution.”

He further added, “This also means that insurance companies will have to be ready to undertake multiple integrations in a short span of time. Many insurance companies will need to invest in solutions which clearly allow on-the-go integrations (simple APIs) for partners. Hence this platform would require a technology partner or in-house tech capability, which is not a known strength for traditional distributors. From a customer’s point of view, this process is very tedious as they will have to compulsorily have an e-insurance account to buy insurance through this channel. Overall, if companies are able to execute this process appropriately and invest in acquisition efforts, this platform will give companies a huge edge over the competition in the long run.”