Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Irdai unveils portal for insurers to sell policies online
BackBack

Irdai unveils portal for insurers to sell policies online

Insurance regulator Irdai said insurance companies, brokers and corporate agents can sell and service insurance policies via online platform

Insurers and intermediaries can create a log in credential for registration and submit ISNP application form on the portal. Photo: iStockPremium
Insurers and intermediaries can create a log in credential for registration and submit ISNP application form on the portal. Photo: iStock

New Delhi: Insurance regulator Irdai has launched a web portal for insurers that will allow them to register and sell policies online. The portal—isnp.irda.gov.in—is also open to intermediaries in insurance business, Irdai said in a circular.

Last month Insurance Regulatory and Development Authority of India (Irdai) issued guidelines on e-commerce for insurance sector. Announcing the launch of registration portal for Insurance Self Networking Platform (ISNP), Irdai said insurance companies, brokers and corporate agents can sell and service insurance policies through this platform.

Also Read: Irdai wants insurance policies issued in demat format

Insurers and intermediaries can create a login credential for registration and submit ISNP application form on the portal.

In its guidelines issued in March, Irdai had said that companies may offer discounts to customers if their policies are sold through e-commerce websites.

This will help companies increase insurance penetration in the country, it said.

The ISNP portal will offer host of services including change of policy details like name and address, collection of renewal premiums, surrender or withdrawals, fund switching, policy revival or cancellation or transfer, duplicate policy, death/maturity claim and other policy specific services, it added.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 14 Apr 2017, 03:24 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App