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Buying insurance today is available at the click of a button. Thankfully the digital era brought with it significant changes in the insurance sector also. If you have opted for any insurance after April 2014, you already are part of E-insurance or electronic insurance.
The insurance regulator Insurance Regulatory and Development Authority (IRDA) has shortlisted various companies and granted them right to maintain data of insurance policies in electronic form on behalf of various insurers. These companies known as 'Insurance Repositories' are authorized to open e-Insurance Accounts. The name of the four certified insurance repositories are:
With E-insurance you can manage all your insurance policies under a single account just as you use a demat account to hold all your stock certificates and mutual fund units. You no longer need to worry about loosing the physical copy of your insurance document come rain or shine. Tracking details, changing nomination, updating KYC details are all now possible at the click of a button.
E-insurance accounts are helpful for insurers and agents as well as it allow them the advantage of cost reduction. Insurance companies no longer have to spend a high volume of money towards printing of physical policy documents. This leads to cost advantages as well as managing all dispatching costs for each individual policyholder. The electronic record of all policies means that even insurers are aware of details of the policy. This means they can now contact the insurance holder much faster using details submitted in the e-insurance account like email or SMS through submitted mobile number.
So if you haven’t opted for an e-insurance account, do it today!