Irdai unveils online market place for selling policies by insurers

Regulator said companies may offer discounts to customers if their policies are sold online

The Insurance Regulatory and Development Authority of India  (Irdai) has launched a web portal for insurers that will allow them to register and sell policies online.

The portal —isnp.irda.gov.in —  is also open to intermediaries in insurance business, Irdai said in a circular.

Last month Irdai issued guidelines on e-commerce for insurance sector.

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 said 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, it said.

The ISNP portal will offer 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.