Kathmandu. KATHMANDU: Nepal Insurance Authority (ANI) has issued a directive to all licensed insurers to ensure technical infrastructure for providing digital insurance policies to the policyholders.
The NEA has issued a circular dated March 6 directing the insured to provide digital insurance policy at the insured’s electronic address with email address and mobile number of the insured. In the case of a non-life insurance policy linked to the bank, the concerned borrower (primary insured) in addition to the bank has to provide such insurance policy through email or electronic address.
With the availability of an electronic policy, the policyholder will be saved from the problem of loss, theft, tearing or leaking. They will be able to store their policy in email or any other digital store indirectly. And, they can access it anytime and anywhere. There will be no compulsion to submit a paper insurance policy for any service including insurance claims.
Apart from this, the NEA has also issued a directive to implement the survey information system prepared by the non-life insurer to upload the survey report in electronic form.
The authority has set a deadline of 50 days to implement both the directives.
In the circular, the authority has also given instructions regarding other services based on digital technology.
In the case of non-life insurers, all insurance policies except engineering and air insurance are applicable and the concerned stakeholders will have to prepare a premium calculator and put it on their website so that they can calculate the premium premium. The insurer should put the amended policies approved by the Authority on its website along with the date of approval and amendment.
The insurer has to implement these services by March 29.
Earlier, NEA had issued Digital Policy Guidelines on April 23, 2081 to include information technology and digital technology-based services in the insurance service. The directive has clear provisions regarding the arrangements to be made by the insurer for the delivery of services based on digital technology.
Although some insurers, who understand the importance of digital technology, have used digitization in the service even before the authority issued the directive, some insurers have not shown activity even after one year of the directive.
Key provisions of Digital Policy Guidelines 2024:
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- Information about the insurance premium to be paid monthly, quarterly, half-yearly and annually.
- Digital identification number should be provided to each insured.
- Insurance policies should be made available to all types of insured, old and new.
- If requested by the insured, a printed copy of the digital insurance policy should be made available with a physical seal.
- Digital insurance policy issuance manual should be implemented.
- There should be a facility to register any claim application under the insurance policy and receive the claim amount through digital means.
- To create and use new types of digital means to issue digital insurance policies.
- The system of digital insurance through digital means should be updated from time to time.
There should be a “Premium Calculator” for every insurance policy on the website and mobile apps.TAG_OPEN_li_43
{{TAG_OPEN_li_38} Digital insurance policy should be issued.
