Insurance Regulatory and Development and Authority of India (IRDAI) is exploring ways to make insurance popular online via e-commerce.
Apart from forming a select group to look into opportunities in insurance e-commerce, the regulator is looking at improving popularity of the products on the online medium.
Approvals for online products have become quicker. "Web aggregators are also being encouraged to bring more products online. Discussions are on to find out how to make insurance a pull product on the internet," said a life insurance official.
Presently, both insurers as well as web aggregators sell policies online. However, industry insiders said that primarily term products, motor, travel and simple cashless policies sell online.
"The idea is to not just expand the product category, but to make the platform more attractive for prospective policyholders," said the chief distribution officer of a private life insurance company.
Now, less than 5% of overall insurance industry premiums comes from the online channel.
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