With the advent of technology, almost everything is going online. Gone are the days when you needed to visit a place physically for doing anything. Now the food, grocery, spa anything you want could be delivered to your home as a service. Almost everything is happening online. Different kinds of insurance policies are not much behind in this list, as now everything from getting the policy to filing the claim is a process happening online.
With this pandemic, the thrust of doing things online has increased. IRDAI has now allowed insurers to sell health insurance and motor-insurance policies online. The entire form has now been made available online and the application form, even the physical documents are no more needed. With this change, the insurance companies need to make a few changes to the previous working system. Let's take a look at the changes which the insurers need to adapt to.
What insurance companies need to do?Insurers need to send the policy document and copy of the proposal form through digital media on the registered email id or the contact number provided by the customer only with their specified consent.The policyholder must be informed simultaneously through an SMS that they have been sent a copy of proposal form online.A mechanism should be placed that the forms are delivered to the right email address. When necessary a proper acknowledgement is obtained or auto collected on the delivery of the message.The mechanism of delivering the document must be checked properly and all the records should be kept. The date of delivery should be cleared with the policyholder.
All the acknowledgment and messages must be preserved for further references or disputes.The online documents must have all the schedules, terms and conditions, benefits and all the other things that are otherwise physically delivered.The policyholder must also be informed that the printing of the proposal form and delivery of the same could be delayed due to the COVID-19 pandemic.It is to be specified that the online version of the document will serve the purpose of the original document.If the online document is not anyhow transferred to the person or couldn't be transferred than the physical document must be delivered asap.
The signature process which was done physically previously is also happening online. When the person receives the document on their registered email id they can go through the terms and conditions at their own pace but must return the online signed copy before the stipulated time. The confirmation or the consent will also be taken through a link with the submission of OTP received on the phone. Insurers, in this case, are responsible for providing all the sales material digitally, authenticating email ids, mobile numbers and re-duplication of all the data for safety.
This goes as well for
and thus a person who is looking forwarded to renew their policy or get a new one has to go through all the processes online which is easier.