Even as banks struggle to get accounts linked to Aadhaar and customers face a tough time, insurers are making it relatively easy for customers to link their policies with Aadhaar Numbers.
All insurers have been mandated by the insurance regulatory and development authority (IRDAI) to link Insurance policies with the Aadhaar numbers of customers by March 31, 2018. The process has already commenced and is smooth and hassle free according to Manoj Kumar Jain, Managing Director, Shriram Life Insurance Company.
"We are using a customized application through which our customers can link their Aadhaar Numbers by SMS", Jain said adding that the app can also work on feature phones. The company, he said, has already completed over 60 percent of the task. As for new policies, 90-95 percent have been linked, he added.
With the lions share in the life insurance market, Life Insurance Corporation (LIC) of India too has gone hi-tech and has provided for Aadhaar linkage on its portal LIC and many private players has started taking Aadhaar of customers even before it became mandatory.
"We have enabled linkage across all touch points including the website and our Chabot," RM Vishakha MD and CEO, India First Life Insurance said.
The benefits: "I believe this will be important for data analytics which will help improve under writing reduce frauds and ultimately positively impact genuine customers Vishakha added" For those insures who source customers through banc assurance and non-banking finance companies, the task is much easier as Aadhaar gets linked by them as part of their process. The task however is huge as the total number of insurance policies is estimated to be over 30 crore.
IRDAI's annual report 2015-16 (the annual report for 2016-17 is yet to be released) shows that life insurers issued 2.67 crore new policies of which LIC accounted for 2.05 crore the rest were issued by private players.
In the non-life segment 12.20.76 lakh policies were issued, IRDAI data show that the cumulative new business premium of all life Insurers from April-November 2017 stood at Rs.1,22,937 crore (Rs.1,03,405 crore in the year ago period). LIC had a market share of 73.4 percent up from 72.8 percent a year ago.
All insurers have been mandated by the insurance regulatory and development authority (IRDAI) to link Insurance policies with the Aadhaar numbers of customers by March 31, 2018. The process has already commenced and is smooth and hassle free according to Manoj Kumar Jain, Managing Director, Shriram Life Insurance Company.
"We are using a customized application through which our customers can link their Aadhaar Numbers by SMS", Jain said adding that the app can also work on feature phones. The company, he said, has already completed over 60 percent of the task. As for new policies, 90-95 percent have been linked, he added.
With the lions share in the life insurance market, Life Insurance Corporation (LIC) of India too has gone hi-tech and has provided for Aadhaar linkage on its portal LIC and many private players has started taking Aadhaar of customers even before it became mandatory.
"We have enabled linkage across all touch points including the website and our Chabot," RM Vishakha MD and CEO, India First Life Insurance said.
The benefits: "I believe this will be important for data analytics which will help improve under writing reduce frauds and ultimately positively impact genuine customers Vishakha added" For those insures who source customers through banc assurance and non-banking finance companies, the task is much easier as Aadhaar gets linked by them as part of their process. The task however is huge as the total number of insurance policies is estimated to be over 30 crore.
IRDAI's annual report 2015-16 (the annual report for 2016-17 is yet to be released) shows that life insurers issued 2.67 crore new policies of which LIC accounted for 2.05 crore the rest were issued by private players.
In the non-life segment 12.20.76 lakh policies were issued, IRDAI data show that the cumulative new business premium of all life Insurers from April-November 2017 stood at Rs.1,22,937 crore (Rs.1,03,405 crore in the year ago period). LIC had a market share of 73.4 percent up from 72.8 percent a year ago.
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