Vehicle owners in Telangana need not carry their motor insurance policies in physical form from next month. They can simply store them in their smart phones to be produced as and when required, thanks to a new digital initiative by the State government.  

The Insurance Regulatory and Development Authority of India (IRDAI) has asked all general insurers to issue policies in the electronic form in addition to a physical copy.

“As a part of its digital initiative, the Government of Telangana has agreed To recognise the electronic version of motor insurance policies as evidence of insurance of vehicles,’’ Sriram Taranikanti, Executive Director, IRDAI, said in a circular sent to the general insurers.

Electronic motor policies will lead to cost efficiency, faster delivery of policies and help curb fraud, the official added.

Verification of policies Verification of electronic policies can be done with a Quick Response (QR) Code to make it easier for the enforcement agencies. The insurance regulator has also prescribed that the general insurers should incorporate a QR code. Further, they may set up a self-service portal for the benefit of existing policyholders whose policies do not have a QR code.

In case of existing motor insurance policies submitted for endorsements or modifications on or after December 1, the polices will be issued an endorsement whether in electronic or physical form only along with a QR Code.

From January 1, 2016, things will become more easier as a mechanism by which a mobile version of an electronic policy being developed will be in place. It can be downloaded on to any smartphone.

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