HYDERABAD: Quickly, you’ll now not want to fret about not receiving the hardcopy of your coverage paperwork. In a bid to spice up digitisation of the insurance coverage sector, insurance coverage regulator, Insurance coverage Regulatory and Improvement Authority of India (IRDAI), on Tuesday suggested all insurers to place in place IT techniques that will permit policyholders entry to DigiLocker facility for preserving all their coverage paperwork.
DigiLocker is an initiative underneath the Digital India programme by the Ministry of Electronics & IT (MeitY), the place residents can get genuine paperwork or certificates in digital format from authentic issuers of those certificates. The issued paperwork within the DigiLocker system are deemed to be at par with the unique bodily doc.
The insurance coverage regulator identified that DigiLocker will enhance the general buyer expertise. It can drive discount in prices for insurance coverage gamers, assist remove buyer complaints regarding non-delivery of coverage copies, improved turnaround time of insurance coverage providers, sooner claims processing and settlement, discount in disputes and fraud, amongst others, the IRDAI round stated.
IRDAI has acknowledged that insurers ought to inform their policyholders about DigiLocker and find out how to use it. “Insurers are additionally suggested to allow the method by which the policyholders can place their insurance policies within the DigiLocker,” the round acknowledged.