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5 Myths of e-Insurance

5 Myths of e-Insurance
July 6, 2020 camsrep

Many of us are still apprehensive and skeptical when it comes to converting our insurance policies into digitized form. This is because we are still used to storing paper documents and are not fully convinced about the online process though it’s a fairly easy method. The reality is that digitizing your insurance policies will contribute to a paper-free environment, and is efficient, convenient, reliable and fully compliant.

There are many myths and misconceptions associated with e-Insurance. Let’s take a look at some and debunk them with actual facts to help you perceive its benefits.

Myth 1: Registering for an e-Insurance account is a complicated process

Fact: Anyone can register for an e-Insurance account online, as it is a simple and uncomplicated process. The insurance repository provides a unique login ID and password to every insurer who registers for an e-Insurance account. This enables you to convert all your existing policies to electronic form.

Myth 2: Tracking online policies is difficult

Fact: Unlike storing policies as paper documents, e-Insurance digitizes your policies so that they are accessible anytime, anywhere. You can register for an e-Insurance account, upload all your policy details online and access them in a single screen.  This kind of flexibility is difficult to attain if you have your policies as hard copies.

Myth 3:  Registering for an e-Insurance account is costly

Fact: This is, in fact, the opposite, as registering for an e-Insurance account in a repository is free. There is no involvement of agents and other hidden costs.

Myth 4: Updating KYC and Bank details in an Insurance Repository is difficult

Fact: This is the most common misconception for those who are skeptical about registering for an e-Insurance account. The insurer’s KYC documents are verified by the insurance repository after registering for an e-Insurance document. There is no hassle to fill KYC information for different policies and submit the documents again.

Further, the account holders can make changes in their personal details like contact number and address by submitting a single request. The repository in turn, will notify the insurance companies with whom the policies are held, about the changes. The repository will also assist account holders to update their bank details without the need to visit the insurance company’s office.

Myth 5: It is unsafe to share online insurance information

Fact: An insurance repository’s website is licensed by IRDAI (Insurance Regulatory and Development Authority of India) for maintaining the data of insurance policies in electronic form. Only entities approved by IRDAI can become an Insurance Repository. This gives users complete network security without having to worry about the misuse of confidential and personal information.

Now that we have shed some light on your misconceptions, you will understand how e-Insurance is simple and efficient to access and manage online.