The Insurance Regulatory and Development Authority Chairman J. Hari Narayan said that within a year the insurance sector would be moving towards paperless model. To suit the requirements of a paperless insurance industry, the IRDA was working on the data repositories and contractual liabilities.
To manage the repository, 3 to 4 companies were shortlisted. Insurance policies taken by consumers in a year to the tune of Rs. 5-6 crores would be fed into the database while the backlog data would be gradually ported.
It would function like National Securities Depository Limited (NSDL) that handled most of the securities held and settled in dematerialized form in the Indian capital market.
Mr. Hari Narayan said that the insurance sector should focus on winning the trust of people that their savings in insurance schemes would get good returns as at present most of the savings went into gold or land.