New India Assurance has launched its online portal for private car, two-wheeler, health, personal accident and overseas medi-claim insurance policies.

The portal will allow registered users to link existing policies, track the status of claims and also effect renewal of linked policies. It allows payment through debit and credit cards.

“All these policies can be taken by first-time customers as well as existing customers to renew policies through the online portal. We will offer discounts of 5 to 10 per cent to incentivise customers to avail themselves of policies through the online portal,” said G. Srinivasan, CMD, New India Assurance.

On offering standalone third-party motor policies on the portal, Srinivasan said that the company would take a call on this as it is not a profitable line of business for insurers under the current regulations.

According to Srinivasan, the third party motor premium hike of around 30 per cent for commercial vehicles proposed by IRDA in its draft circular is not adequate as the industry needs a 60-70 per cent increase in premium rates to make third-party insurance portfolio viable for insurance companies due to high claims ratios.

(This article was published on March 5, 2013)
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