IRDA should look at making digitisation of policy compulsory: P Chidambaram

HYDERABAD: Finance minister P Chidambaram has asked the Insurance Regulatory and Development Authority to come up with a timeframe for digitising all insurance policies, both life and non-life.

After inaugurating an insurance repository system, Chidambaram said though the Insurance Repository is currently voluntary, it cannot be so for long. “I think it is right to begin on the voluntary basis but voluntary digitisation cannot be the rule for long,” said the finance minister, citing the example of dematerialisation of share certificates under the depository system that was introduced a decade ago.

Chidambaram said eventually multiple policies can be put into one account so that the insured person can live in peace. “Eventually, on an agreed timetable all policies starting with life and then non-life must be mandatorily digitised and made part of repositories.”