MUMBAI: The #insurance regulator has decided to digitise its entire product approval process — for both life and general #insurance products — by the end of year, in sync with Modi government’s Digital India initiative.
The process has already seen a soft launch and is being streamlined further. #Insurance company officials had also attended a training programme conducted by IRDAI two months ago.
“That is when it was discovered that several aspects needed to be streamlined. It should be operational in three to six months,” said the official. At present, some insurers are following a parallel process — they file their products online as well as through the original physical route. “The idea is to being in more transparency and expedite the product approvals,” said another top official with a private insurer.
Under the existing offline mode, insurers submit their product constructs for approval in the form of physical copies. Once the new process is operational, insurers will have to key in all the information in the prescribed format on the portal created for the purpose. The IRDAI will then start evaluating the product for approval.
At any given point in time, both the regulator and the company will know in which bucket the product is lying and what action needs to be taken. For instance, the regulator’s investment and actuarial departments could have queries for the insurance company officials who can answer them online. “We will be able to track our progress — whether the process is stuck at our end or the authority’s. The management will have full visibility too,” said the