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Friday, September 26, 2014

IRDA chief: Make insurance products suitable for online sales

The insurance industry should introduce products that are suitable to be sold online, according to T S Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA).

He was speaking at a conference on digitisation and enhanced foreign direct investment, organised by Assocham here on Friday.

“Customers should have the facility to compare various products online while buying insurance,” the regulator said.

P Nandagopal, MD & CEO, IndiaFirst Life Insurance Company, said it was easy to sell insurance online.

However, only one per cent of total insurance sales was currently happening in the digital mode due to the complexity of products and Know Your Customer norms, among others, he added.

Source : The Hindu


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