IRDAI introduces web portal for insurers

Digital payments

For providing a digital platform to its insurers, the Insurance Regulatory and Development Authority of India (IRDAI) has launched a web portal.

The portal namely is also open to intermediaries in the insurance business, reported The Hindu.

Announcing the launch of registration portal for insurance self-networking platform (ISNP), IRDAI said insurance companies, brokers and corporate agents can sell and service insurance policies through this platform.

Insurers and intermediaries can create a login credential for registration and submit ISNP application form on the portal.

In its guidelines issued in March, IRDAI had announced that companies may offer discounts to customers if their policies are sold through e-commerce websites.

“This will help companies increase insurance penetration in the country,” IRDAI said in its official communiqué.

“The ISNP portal will offer a host of services, including change of policy details like name and address, collection of renewal premiums, surrender or withdrawals, fund switching, policy revival or cancellation or transfer, duplicate policy, death/maturity claim and other policy specific services,” it added.

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