Talk to our Experts
1800-12000-0055
Get a call back!! 
Heard of flash sales of smartphones on e-commerce websites? Soon, one could be lured into buying insurance products in milliseconds. It may sound like an exaggeration now but soon one may be able to buy such products online just like one orders food or buys movie tickets. Welcome to e-commerce in the insurance sector in the form of e-insurance policies. But insurance is anyway being bought online. So, what's changing? Well soon, one may be able to buy insurance from not only the insurer's website, but also any third-party website. Here's how it's taking shape.
The Insurance Regulatory and Development Authority of India (IRDAI) has floated a draft proposal to allow e-commerce in insurance, the regulations of which will be called the Insurance Regulatory and Development Authority of India (Insurance e-commerce) Regulations, 2016.
The draft aims to open up the distribution space by allowing for the creation of Self-Network Platform (SNP), which can be a regular website (desktop or mobile version), or mobile app or both. As per the draft, besides the insurer, insurance intermediaries, insurance agents or any other person recognised by IRDAI will be allowed to set up such a platform and start selling insurance products.
It means that once the draft proposal is implemented, a prospective buyer would be able to electronically fill the proposal form of an insurer's product, digitally sign it and complete other formalities online, including furnishing the KYC requirement electronically and getting the policy document delivered into the electronic Insurance Account (eIA) of the policyholder.
