IRDA Plans to Develop Electronic Re-Insurance Platform

With a view to improving transparency in re-insurance, IRDA on Tuesday 21st February, planned to introduce an electronic re-insurance platform for insurers. The chairman of IRDA said that they had taken up a programme of an exchange, interlinked e-platform on which re-insurance broking transactions can be executed.

The chairman of IRDA stated that once the system is placed, the entire operation on the reinsurance will be done through this particular platform to widen and deepen the insurance distribution system. Earlier, the General Insurance Corporation has introduced electronic trading platform ”eThru” for its business associates.

Today, there are 13,000 branches offering insurance products among 90,000 odd bank branches. Thus, in order to widen and deepen the insurance distribution network, 43 general and private insurance companies have entered into partnership with various banks for distributing their products. The President of Institute of Actuaries of India said that several insurers have already started making structural changes, assuming that the industry will make more business in coming days.

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