Report by Tanya Singh:
Soon, policyholders will have the ability to use the federal government’s DigiLocker to store their insurance policy documents. The Insurance Regulatory and Development Authority of India (IRDAI), in a round dated February 9, 2021, stated, “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 Digilocker facility to enable policyholders to use digilocker for preserving all their policy documents.”
The insurance regulator added that insurers ought to inform their retail policyholders about Digilocker and easy methods to use it. Insurers are additionally suggested to allow the method by which the policyholders can place their insurance policies in the Digilocker. “Digilocker team in NeGD (National e-Governance Division) under Ministry of Electronics and Information Technology shall provide necessary technical guidance and logistic support to facilitate adoption of Digilocker,” IRDAI said.
The DigiLocker will not only help in storing policy documents in electronic form but also reduce costs and eliminate customer complaints relating to non-delivery of policy copy. It would also result in an improved turnaround time of insurance services, faster claims processing and settlement, reduction in disputes, reduction in fraud, etc. On the whole, it is expected to enhance the customer experience.
