E-Insurance Likely to be Launched by June
By SiliconIndia
The insurance sector expects initially a downfall of customer’s grip. It also expects to se e 2-5 percent of the new business premium in the electronic form in the first year of e-policy, which may increase to 10-15 percent in the second year.
On this note, K. R. Chandradekaran, Insurance and Banking Head of CAMS, says, “Policyholders will understand the ease of owning an e-policy and gravitate towards it once they own one.”
How to Buy an E-Insurance?
Chandradekaran says, one can approach an insurer and ask for an e-insurance to be issued on his/her name. The insurance provider should then inform the repository, which again will call you to complete the KYC (Know Your Costomer) and fulfill the norms for an e-insurance account (e-IA).
Once done, the policy will be issued and the insurer can share the details with the repository, who in return will update your account. Each e-IA will have different login ID and password to access the account.
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