Irdai set to meet insurance CEOs on dematerialisation of policies

This initiative was started by insurance regulator a few years ago, but did not take off as the operational challenges and associated cost for insurers outweighed customer convenience

The insurance regulator is meeting the heads of all life and general insurance companies on Wednesday to discuss dematerialisation of insurance policies, a move aimed at increasing customer convenience.  

Dematerialisation means converting physical documents into a modifiable online format.

This initiative was started by the insurance regulator a few years back, but did not take off as the operational challenges and associated cost for insurers outweighed the customer convenience it was supposed to provide.

The regulator now wants to revive the idea and will be holding consultations with insurance companies, discussing the pros and the cons of the facility and