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Renew lapsed policy faster through self-inspection

Customers must shoot a video of their vehicle through the insurer's mobile app, and in a particular sequence

Priya Nair  |  Mumbai 

Though renewing a motor insurance policy is easy and can be done online too, about 20% of car insurance policies and 40% of two-wheeler policies lapse in India. Now, however, private general insurers are offering the facility of self-inspection that can speed up renewal of lapsed policies. Renewing a lapsed motor insurance can take two-three days or more as inspection of the vehicle is mandatory in such cases. "The insurer needs to know the state of the asset being renewed. So the customer has to wait for the surveyor's report before the policy is renewed,'' says ...

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