India’s four state-run general insurers are embracing digitisation in their motor insurance business to prevent ceding market share to private-sector rivals.
The four general insurers, which are part of the General Insurance Public Sector Association (GIPSA), are empanelling digital service providers (DSPs) as their agents to process motor insurance policies, with claims up to INR50,000 ($603), reported Livemint quoting people aware of the development. The DSPs are to undertake 100% digital processing of the claims.
The market share of the government-run general insurers in the motor insurance branch has been declining and is around 34% at present.
GIPSA has invited eligible entities to submit expressions of interest by 27 February. The entire process would be completed before the end of March so that digital operations for motor insurance are ready early in the next fiscal year starting on 1 April.
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