Quick Summary
It will lead to better customer experience with faster claims processing and settlement, reduction in disputes and reduction in fraud IRDAI (Insurance Regulatory Authority of India) in a Circular dated 9th February, 2021, has advised all Insurance companies for issuance of Digital Insurance Policies via DigiLocker. The Circular states, 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 Digilock
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FAQ :
IRDAI has advised all insurance companies to enable their IT systems to interact with DigiLocker, allowing policyholders to store their digital insurance policies there.
Benefits include a better customer experience, faster claims processing and settlement, a reduction in disputes and fraud, and easier access to policy documents.
DigiLocker is an initiative under the Digital India program that allows citizens to obtain authentic documents and certificates in digital format from issuers.
The DigiLocker team within NeGD (National e-Governance Division) will provide the necessary technical guidance and logistic support.
Insurers are advised to inform their retail policyholders about DigiLocker and how to use it, and to enable the process for placing policies in DigiLocker.
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