Although some finance firms have hesitated to adopt paperless solutions due to concerns over regulation and compliance, India's Business Standard recently reported that insurance companies across the nation plan to move away from physical documentation in favor of digital systems.
According to the source, storing insurance documents electronically will allow clients to quickly make changes or revisions to their information and update their policies. Rajesh Relan, managing director and country manager of PNB MetLife India, said that the provider already maintains an electronic database of policyholder information and is moving to use digital stamps rather than physical ones.
Opting for electronic storage for insurance documents would help firms and clients maintain records of claim data, providing for better historical record keeping. This business process automation would also allow for real-time access to the most up-to-date insurance information.
"One would be able to retain all policies in electronic form and can undertake modifications with speed and accuracy," said Sanjay Tripathy, senior executive vice-president of HDFC Life, according to the source. "Once a customer has an account with a repository, he/she would be able to purchase subsequent policies from any insurer without the hassle of submitting KYC (know-your-customer) documents again. The electronic format would also enable quick retrieval of policies, leading to faster claim processing."
Insurance providers aren't the only group in India that's moving toward paperless systems. The Times of India recently reported that Ludhiana's district transport office is converting to an entirely electronic workplace. The office plans to use document conversion services to scan all information submitted by applicants, eventually moving all driver's licenses, proof of address paperwork and insurance information to digital files. The transport office's goal, according to the Times, is to make the application process quicker and easier for those who are applying for or renewing a license.
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