Digitisation of insurance policies should be made mandatory, Union Minister for Finance P. Chidambaram has said. Speaking after formally launching the insurance repository system of Insurance Regulatory and Development Authority (IRDA) here on Monday, Chidambaram asked the regulator to have a time frame for mandatory digitisation. As of now, it is not mandatory.
“This should have been implemented long back,” he said adding that digitisation would help even in natural calamities as people tend to lose documents along with property. Referring to the recent floods in Uttarakhand which claimed many lives, the Finance Minister asked Life Insurance Corporation and the public sector general insurance companies to open camp offices in Uttarakhand to facilitate speedy settlement of claims.
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