GIC offers online reinsurance buying

Tags: Insurance
Insurance companies and brokers that apply for reinsurance cover or file claims with government-run General Insurance Corporation (GIC) would now have to do so online. The domestic reinsurer has launched a portal called eThru that requires insurance companies and brokers to apply for an insurance cover and file claims online.

“Insurance companies and brokers would know the status of their proposals online in a short span. The portal will also help GIC underwriters take prompt decisions on how much of the risk should be retained on its books and how much should be placed in the overseas reinsurance market,” said a senior official of General Insurance Corporation .

“The portal is a facility for electronic trading between GIC and its business partners. Business can be transacted in a paperless way,” said Yogesh Lohiya, chairman and managing director of General Insurance Corporation. “The project is expected to offer tangible and intangible benefits like automation between business partners, reduction of processing inefficiencies, lower operational costs, ability to handle more business, and integration with global markets and channels.”

Similar attempts made by Lloyds of London and another reinsurer in Zurich did not reach a logical end and were abandoned.

J Hari Narayan, chairman, Insurance Regulatory and Development Authority (Irda), who formally launched the e-platform, said, “The platform will be a reinsurance exchange. All documents will go through this platform. Accounts will be settled through them. Lloyds had earlier tried it but failed. I am sure we will get the technology right.”

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