LIC achieves full digitalisation of policy records

The country’s largest life insurer, Life Insurance Corporation (LIC), has digitised all of its policy records and has put all policies issued by it in electronic form or dematerialised form. “Life Insurance Corporation (LIC) has been digitising all its policy records and as on date all of LIC policy records have been digitised,” an official statement said. 

The Insurance Regulatory and Development Authority (Irda) in 2011 issued guidelines asking companies to keep policies in electronic form for efficiency, transparency and cost reduction in maintaining insurance policy data.

For the purpose of keeping data in digital form, five insurance repositories (IRs) have been granted permission to maintain such electronic policies.