E-Insurance Account Reviews and Feedback - Alankit Limited

by Mona Singh Writer

The Insurance Repository System (IRS) is a progressive step towards streamlining insurance policy buying, selling and upkeep but the system is not receiving the kind of attention it deserves. We run you through the pros of the system based on the feedback that Alankit received from buyers, sellers and the ilk.

In September 2013, IRDA launched the Insurance Repository System (IRS) to introduce a stimulus in the inertia prone Indian insurance sector. Initially, only five companies – NSDL Database Management, Central Insurance Repository, SHCIL Projects, CAMS Repository Services and KARVY Insurance Repository were licensed to act as an Insurance Repository (IR). The IRs were tasked with keeping a database of insurance policies in an e-format, creating convenience for the policyholder and relieving insurers from the chores of data maintenance. 

If Alankit reviews are something to go by, the transition from the conventional way of managing insurance policies to the digitized way has some tangible benefits for the policyholder.

The IRS is premised on the concept of bringing convenience to the everyday policyholder. He/she can skip the adversities of managing multiple accounts, as all policies, regardless of their insurer or policy type, can be accessed and managed from one electronic Insurance Account (EIA). The policyholder can capitalize on the e-account to stay updated on the details of any policy from the confines of his home or workplace. Paying the premium of all policies online is also a possibility with IRS.

Safety and security:
As per the Alankit feedback, safety factor runs deep in the IRS. The policy documents are stored electronically in the IR’s database with proper security protocols in place. Thus, the policyholder need not bother about safekeeping the e-policy documents, which is contrary to the conventional paper policy documents requiring a safe storage. Plus, the e-docs are easy to retrieve when the need be. 

Service requests simplified:
Conventionally, any service request with respect to the insurance policy required a visit to the insurer’s office, which obviously entailed time and effort. However, in the new arrangement, the policyholder can submit the service request at the IR’s service points that are easily available all across city centers.

Paperwork is passé:
Participants of the Alankit Assignments Limited review strongly feel that IRS is convenient vis-à-vis the conventional methods when it comes to buying a policy. When adding to the policy portfolio from the e-account, the policyholder can skip the hassles of paperwork required as under the KYC provision. Implementing changes in the personal details are also devoid of much paperwork. 

Alankit reviews further suggest that insurers are also the beneficiary of IRS, as they can restrict operational costs and customize products without going overboard with their expenses. Despite its multiple benefits, IRS is yet to gain mainstream acceptance due to lack of public awareness and apathy of the insurance industry itself. 

About Mona Singh Innovator   Writer

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Created on Aug 20th 2018 06:03. Viewed 162 times.


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