Important Concepts in Insurance Digitalization

Important Concepts in Insurance Digitalization

Here we are providing Important Concepts of Insurance Digitalization  as the Insurance Awareness Materials for the Upcoming Insurance Exams 2016. Aspirants who are preparing for those exams can use this.

Insurance Repository: 

• Facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document.
• These repositories, like share depositories or mutual fund transfer agencies, would hold electronic records of insurance policies issued to individuals.
• Such policies are called ‘electronic policies’ or ‘e-policies’ held in an electronic insurance account.
• If an insurer does not have any agreement with an IR, it has to issue an electronic form through its own portal and also through an email.
• The insurer shall also issue a physical copy in such a case. All insurers are required to tie-up with IRs if a policyholder only wants a policy in electronic format.

E-insurance account:

• Opened by a person who has Insurance policies on his own or who proposes to take insurance policies.
• It can also be opened for a minor by his legal and natural guardian, who proposes the life of minor for taking an insurance policy.
• A request for opening of these accounts can be made to the IR directly or through insurers.

Insurance Transactions Exchange: ‘Insurance Transactions Exchange’ or ‘iTrex’ is a central index server that offers de-duplication services and acts as a messaging hub between entities creating eIAS, electronic policies and their servicing. For any query to i-Trex, a policy holder has to pay a transaction fee.