Paperless Insurance and Its Many Benefits

1. The customer accesses an insurance repository web page and enters his/her details. Following this, an e-Insurance account will be created for the user. This is provided free of cost to the customer, as all charges for the same will be borne by the insurance company.
2. The next step is the generation of a unique e-Account number for the user. It should be noted that a customer can only open one e-Account for all his insurance needs.
3. Next, all KYC details are updated in the account. When the customer , he only needs to furnish the e-Insurance account number, and no separate documentation is required.

1. The IR updates the policy details in the insurance repository, and some of these include the status of premiums, claims, loans, bonuses, net asset value, nominee assignment, annual statements, etc. Following this, all payments and renewal details can be viewed by the customer on this common platform.
2. Insurance agents can also view details of policies that were issued through them on the insurance repository.
3. The customer can opt to get reminders on premium due dates through this common platform. Additionally, he/she can view details of discounts and accrued bonuses here.
4. In case a policyholder intends to raise complaints or have some policy-related queries, he can use this platform to communicate with the insurance provider.
5. The system also allows each policyholder to have an authorised representative/beneficiary who will have access to the account simultaneously. This is particularly useful when the beneficiary needs to access policy-related information from the account, in the event of grievous injury or death of the policyholder.

Paperless insurance has provided policyholders a better experience while purchasing and renewing their insurance policies. The e-Insurance account also lends a layer of automation and transparency to the entire insurance process. The convenience of being able to buy an insurance policy, make payments and avail the policy documents without the hassle of paperwork has made the whole process more streamlined.