To replicate the enormous growth enjoyed by several sectors due to surge in e-commerce, IRDA has taken initial steps by setting up 2 committees to explore the promotion of e-commerce in insurance sector.
Central idea of the initiative
The Authority is inclined to facilitate the promotion of e-commerce in insurance space which will lower the cost of transacting insurance business and bring higher efficiencies and greater reach suitably leveraging the Government of India initiative of Digital India aimed at creating a digitally empowered society and knowledge economy.
Regulator’s plan of action –
Therefore it has decided that two groups, one for life insurance and the other for general insurance (which will also include health insurance) will be formed consisting of subject matter experts from regulatory body, insurers, intermediaries, insurance repositories, etc. to explore opportunities and suggest the way forward to promote e-commerce in the insurance sector.
What is expected from the insurers?
Identify opportunities of e-commerce in insurance sector
Recommend Technological Solutions for e-commerce in insurance sector
Suggest regulatory and other facilitation measures for the growth of e-commerce in insurance sector
Synergise with Digital India initiatives of the Government of India.
Any other matter
The members of the life insurance group shall consist of the following persons
Mr Sandeep Bakshi, CEO, ICICI Prudential Life Insurance Company Limited.
Representative, Life Insurance Corporation of India
Mr Pramod Khanna, Hero Corporate Services Ltd
Mr Jignesh Gandhi, NSDL Insurance Repositories Ltd
Mr Gautam Kumar, Deputy Director, IRDA, Convenor
The members of the general insurance group shall consist of the following persons
Mr Tapen Singhel, CEO, Bajaj Allianz General Insurance Company Limited
Representative, New India Assurance Company Limited
Mr Tarun Samant, CEO, Tata Motors Insurance Brokers Limited
Mr S.V. Ramanan, CEO, CAMS Insurance Repository Limited
Mr N.M. Behara, Deputy Director, IRDA, Convenor
Time Frame:
The groups shall finalise the report containing its recommendations within 4 weeks from the date of this order and submit the same to Chairman, IRDA. The groups may meet as often as necessary to carry out the deliberations. It may also invite outside experts as special invitees to the group.
