is clear that for the customer, the benefits are immense and far reaching.
Author is ED, ICICI Lombard.Views expressed are personal.
How eia works
To benefit from the paper-less policy initiative, an insurance policy holder simply needs to open an e-insurance account (eIA) with one of the five repositories that have been selected for the purpose. These repositories will facilitate the opening of the account, which will hold all the policies in electronic form
A policyholder can purchase and keep all the policies in eIA with any one of the Insurance Repositories. The existing policies in physical mode too can be dematerialised and held in eIA
With an eIA account, a change of address request made to the Insurance Repository will now make it possible to update all policies of the customer even if those are issued by multiple insurers
Policy benefits would be paid to the beneficiary through electronic facility to the registered bank account. For example, No Claim Bonus amount will be automatically credited to customerís account