Kathmandu. Although the Nepal Insurance Authority has issued digital insurance guidelines at the request of the insurer, most of the insurers have not shown interest in its implementation. The AUTHORITY had issued this directive on April 1, 2018.
Even after a year of issuing the directive, both the leading life insurers or non-life insurers have not started the facilities as per the guidelines. NeA has issued a directive to the insurers to provide the facility of purchasing insurance policies through digital means in order to provide easy and quick access to insurance services. According to the guidelines, life, non-life and short life and micro-life insurers can issue a limit on the insurance policy.
According to the provisions given by the authority in the guidelines, this feature is not fully available on the website of most insurers. Some life insurers can view the details of the insurance policy, complete the initial process of payment of the insurance fee, enter personal information for the policy. Most of the small insurers have made arrangements for the sale of insurance policies online.
There is a provision that the life insurer can issue any sum assured under the underwriting guidelines in term life insurance. Similarly, there is a provision to issue insurance policies up to a maximum of Rs 2 million except term insurance.
Non-life insurers can sell all insurance policies under accident insurance, travel health insurance, health insurance and property insurance digitally. There is also a provision in the guideline that micro insurers can also sell all types of insurance through digital means within the prescribed limits of insurance.
Based on digital guidelines, the insured can also be provided with a physical insurance (non-physical share certificate) instead of a paper insurance policy.
In order to confirm the credibility of the policy proposal, the one-time password (OTP) will be obtained on the proponent’s mobile or digital signature or biometric proof.
While accepting the offer form, technology should be provided for the purpose of the customer identification form so that the insured photo can be taken through live photo, video, and or in the case of the insured item, the direct picture or video or the picture taken earlier should be entered.
There is a provision that the insurer should provide all the facilities related to insurance claims through digital means. Under this, facilities such as claim application registration, survival benefit, loan, surrender benefit etc. will be given through digital means. While paying for such facility, the insurer has to pay through a licensed digital payment gateway, mobile or e-banking.
