Insurance via e-commerce Seen as Win-Win for Companies, Customers

Selling insurance polices through the e-commerce model will benefit consumers and companies alike as it would offer real-time connect and unleash digital touch points to bring in more transparency, say experts. Last month, regulator insurance Regulatory and Development Authority of India (Irdai) proposed norms for selling and servicing insurance products through e-commerce to increase insurance penetration in the country in a cost-effective manner.

“The Insurance Self-Network Platform will undertake insurance e-commerce activities in India such as selling and servicing of insurance products,” Irdai had said earlier.

According to Nilesh Parmar, COO, Edelweiss Tokio Life, allowing agents and intermediaries to set up an Insurance Self-Network Platform (ISNP) is "an extremely progressive measure" proposed by the regulator. Future Generali Chief Operating Officer Easwara Narayanan said a parallel existence and conduct of business in the online space is a contextual requirement and the order of the day for any business, going forward. That the insurers can go ahead with marketing the products which have already been approved by the regulator will quicken the implementation.