LIC launches pilot project in Mumbai to digitse policies

Mumbai: The insurance behemoth LIC said today it has launched a two-month pilot project in the city to digitise policies.

“Would like to clarify that discussions with repositories have been held for the limited purpose of a pilot launch as per guidelines issued by regulator Insurance Regulatory and Development Authority (IRDA) following the June 10, 2014 circular,” LIC said in a statement.

The company clarified that the agreement is only for a two-month pilot project and no final decision has been taken in this matter or no agreement has been signed.

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Yesterday, one of the repositories had told PTI that LIC had tied up with five players to digitise insurance policies.

“Having already completed testing with all five repositories last week, LIC had invited all five repositories today (August 21) to digitise policies,” CAMS Repository Services head SV Ramanan had told PTI after a meeting.

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LIC has also tied up with four other insurance repositories namely Central Insurance Repository, SHCIL Projects, Karvy Insurance Repository, and NSDL Database Management, besides CAMS, for the pilot project.

Once rolled out nationally, the move would help policy holders manage their multiple insurance policies from LIC through a single account. The initiative would also help convert insurance policies into digital format.

PTI