Digit Insurance Launches Policy Authenticity Verification to Protect Customer Interests

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Insurance figuresone of the fastest growing private general insurers in India, today announced the launch of the “Verification of the authenticity of the policy” functionality to eliminate the issuance of counterfeit insurance policies. This feature would help customers to verify in seconds whether the policy issued in Digit’s name is genuine or not.

All partners in the Digit ecosystem will also be able to use this tool to further amplify customer confidence in the policy issued on behalf of the insurer. The feature, which can be used on Digit’s website, partner portal and app, is currently available for auto and health insurance, and can be used by entering the policy number or registration number of the vehicle and policy start date.

Read also : Our goal is to empower humans with technology, not replace them: Vijay Kumar, CEO and Principal, Go Digit General Insurance

Although the industry attempts to prevent insurance fraud through multiple initiatives and an effective grievance mechanism, the issuance of counterfeit policies remains a challenge.

In the recent past, the industry has witnessed several instances where fraudsters posed as insurance agents or partners and issued fake policies. They also try to defraud customers over the phone with the intention of renewing their policy. In a written response in July 2019, the Ministry of Finance informed Rajya Sabha that fake motor policies worth more than Rs 50 crore had been issued in the financial year 2019. Digit’s Policy Genuineness Check solution will help to mitigate these risks of fraud and to protect the interests of policyholders.

In addition to checking the status of the policy to verify its authenticity, customers can also determine legitimacy by viewing their policy document which has a unique watermark inscribed on the policy details.

This watermark makes it difficult for anyone to tamper with the digital document as it details the policy holder’s name, vehicle number, make and model, policy start date and policy type.

Speaking of the relevance of this feature, Vivek Chaturvedi, Direct Sales Manager, Insurance figures said, “We are excited to launch our ‘Font Authenticity Check’ feature which addresses counterfeit font issuance. Our new simplified solution is an important addition to our existing service package to make buying insurance safe and secure for our customers. The industry has generally witnessed two types of fraud: falsifying documents and issuing false policies through fraudulent calls under the guise of policy renewal. This new self-service feature will allow customers to verify the authenticity of the font. »

Digit is one of the few insurers to offer a policy authenticity feature on its website. An insured can currently check whether or not their car policy is genuine on the VAHAN portal, the national vehicle register of the Ministry of Road Transport and Highways. IRDAI has also undertaken multiple initiatives to educate customers about the issuance of fake policies.

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