Insurance companies will be mandated to convert all old insurance products held in physical or documentary form into online products by the end of 2023. After December 2023, no insurance product will remain in paper form..
In the new year, all types of insurance policies, new and old, will become completely digital. At the same time, special claim centers are also being set up for settlement of claims. So that there is no delay in settling the claim. Claim centers are being opened in all regions to expedite settlement of claims related to other insurance like health insurance.
Bima Sugam portal is also going to be launched soon in the new year, so that the customers taking insurance will see the products of all companies and their premiums at one place and customers will be able to buy products according to their convenience and payment capacity.
Target to bring everyone under insurance coverage by the year 2047
Bima Sugam portal is being prepared by the Insurance Regulatory and Development Authority of India (IRDA) to make insurance products accessible to small towns and villages. IRDA has also asked insurance companies to launch smaller products with lower premiums.
According to IRDA sources, it will be mandatory for insurance companies to convert all old insurance products held in physical or documentary form into online products by the end of 2023. After December 2023, no insurance product will remain in paper form. According to sources, like health insurance, efforts have been started to settle the claims of all other insurance in a maximum of 30 days. Currently, settlement of motor vehicle related insurance takes more than 30 days.
That’s why claim centers are being opened where only claim settlement work will be done. According to insurance experts, there is a lot of investment in healthcare in Tier-2 and Tier-3 cities and there is a need to create an ecosystem between healthcare service providers and insurance companies to further expand the scope of health insurance in the new year. . IRDA’s Bima Sugam portal will also help in this work. By the year 2047, there is a target to bring every person in the country under the ambit of insurance.
