IRDA's digital makeover: Soon get vehicle insurance details via SMS

After mobile banking, welcome mobile insurance. According to a report in the Hindu BusinessLine, Insurance Regulatory and Development Authority (IRDA) is planning to provide a service which will enable vehicle owners to get the details of their policy via an SMS.

The regulator seeks to provide vehicle insurance details through SMS and also web-based applications on its website, M. Ramaprasad, Member (Non-Life) of IRDA has been quoted as saying in the report.

The report says beta version of the service is already available on the website. The regulator now has details of all insured vehicles in the country in digital format. The data base is updated regularly, says the report.

[caption id="attachment_1135837" align="alignright" width="380"] AFP[/caption]

However, it is not clear whether the service will be helpful if you are pulled by traffic police for some silly reason.

More from Investing

The regulator is talking to road transport authorities and the police in different states to share data of uninsured vehicles, Ramaprasad has been quoted as saying in the report.

This comes months after IRDA's first attempt at going digital. The regulator had asked insurers to launch e-policies, which would help the companies save costs.

However, according to this report in the Business Standard, the initiative yet to take off as the infrastructure for dematerialising a policy is not yet fully developed.

Read the entire HBL report here.