Irdai group to explore opportunities in insurance e-commerce

The two groups will look into identifying opportunities of e-commerce in insurance sector

The Insurance Regulatory and Development Authority of India (Irdai) is constituting two groups, one in life insurance and one in general insurance, to explore opportunities in the e-commerce sector.

In a circular, the regulator said they are inclined to facilitate the promotion of e-commerce in insurance space which will lower the cost of transacting insurance business along with bringing higher efficiencies and greater reach. This will suitably leverage the government's Digital India initiative aimed at creating a digitally empowered society and knowledge economy.

The two groups will look into identifying opportunities of e-commerce in the insurance sector, recommend technological solutions, suggest regulatory and other facilitation measures for growth and synergise with Digital India initiatives of the government.

In the life group, members include Sandeep Bakshi, chief executive officer (CEO) at ICICI Prudential Life, a representative of the Life Insurance Corporation of India, Pramod Khanna of Hero Corporate Services and Jignesh Gandhi of NSDL Insurance Repositories. Gautam Kumar, deputy director at Irdai, will be the convenor for this group.

The members of the general insurance group would comprise Tapen Singhel, CEO at Bajaj Allianz General Insurance, a New India Assurance representative, Tarun Samant, CEO at Tata Motors Insurance Brokers, S V Ramanan, CEO at CAMS Insurance Repository. N M Behara, deputy director at Irdai, will be the convenor for the group.

The groups have to finalise the report containing its recommendations within four weeks and submit the same to the Irdai chairman.