Future Generali Indian Life Insurance, the joint venture between Future Group and Italy’s Generali, is actively working to cut down the time required to give out a policy to the customer from six to seven days now to two to three days with simple underwriting policies, Balram Sarma, chief operations officer of the company, said.

Investors are increasingly becoming more demanding about how quickly their policies, especially unit-linked plans, are given out. “Investors who put Rs 20,000 or even Rs 100,000 in a policy quickly want to know when they will be getting units. They don’t want to have their money stuck for too long. With simple underwriting policies, the form is around two-three pages and lesser number of questions. A lot of the inputs can go into the database and can be automatically sourced from the forms. This cuts down on the time that is required to give the policies,” Sarma said.

The company launched a new unit-linked plan (Ulip) Future Generali Select Insurance plan on Thursday, which allows simpler underwriting process. The company, which aims to sell one lakh policies of the new Ulip, has earlier used simple underwriting processes with another policy which focused on corporate agents. Sarma said the earlier product received a good response and company will look at simplifying processes.

kumarsroy@mydigitalfc.com