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Title: ORDER
Reference No.: IRDA/ INT/ MISC/ ORD/ 123/ 07/ 2015
Date: 03/07/2015
Constitution of life and general insurance groups for promoting e-commerce
1. e-commerce has changed the way business is conducted across the world. The ease and convenience to buying a product online has revolutionised the manner in which products are sold across the world. India is no exception and a plethora of products are being sold and delivered using the electronic platform to millions of customer.
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2. It is probably the right time to extend this opportunity into the insurance space. To increase insurance penetration and to bring financial inclusion in a cost-effective manner. The Authority is inclined to facilitate the promotion of e-commerce in insurance space which will lower the cost of transacting insurance business and bring higher efficiencies and greater reach suitably leveraging the Government of India initiative of Digital India aimed at creating a digitally empowered society and knowledge economy. Therefore it has decided that two groups, one for life insurance and the other for general insurance (which will also include health insurance) will be formed consisting of subject matter experts from regulatory body, insurers, intermediaries, insurance repositories, etc. to explore opportunities and suggest the way forward to promote e-commerce in the insurance sector.
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3. The terms of reference of the group shall be:
a) Identify opportunities of e-commerce in insurance sector
b) Recommend Technological Solutions for e-commerce in insurance sector
c) Suggest Regulatory and other facilitation measures for the growth of e-commerce in insurance sector
d) Synergise with Digital India initiatives of the Government of India.
e) Any other matter
4. The members of the life insurance group shall consist of the following persons
a) Mr Sandeep Bakshi, CEO, ICICI Prudential Life Insurance Company Limited.
b) Representative, Life Insurance Corporation of India
c) Mr Pramod Khanna, Hero Corporate Services Ltd
d) Mr Jignesh Gandhi, NSDL Insurance Repositories Ltd
e) Mr Gautam Kumar, Deputy Director, IRDA, Convenor
5. The members of the general insurance group shall consist of the following persons
a) Mr Tapen Singhel, CEO, Bajaj Allianz General Insurance Company Limited
b) Representative, New India Assurance Company Limited
c) Mr Tarun Samant, CEO, Tata Motors Insurance Brokers Limited
d) Mr S.V. Ramanan, CEO, CAMS Insurance Repository Limited
e) Mr N.M. Behara, Deputy Director, IRDA, Convenor
6. Time Frame: The groups shall finalise the report containing its recommendations within 4 weeks from the date of this order and submit the same to Chairman, IRDA. The groups may meet as often as necessary to carry out the deliberations. It may also invite outside experts as special invitees to the group.
This has the approval of the Competent Authority.
This has the approval of the Competent Authority.
Randip Singh Jagpal
<br/> Sr. Joint Director (Int.)
<br/> Sr. Joint Director (Int.)
