Digit launches ‘reality check’ feature to weed out fake policies

According to a company release, the facility, which can be used on Digit’s website, partner portal and app, is currently available for motor and health insurance and can be accessed by entering the policy number or vehicle registration number and date of commencement of the policy. can go.

This comes at a time when the industry is trying to check frauds in the insurance sector through several initiatives and an effective grievance redressal mechanism, yet issuing fake policies remains a challenge.

Additionally, the industry has witnessed several instances in the recent past where fraudsters have posed as insurance agents or partners and issued fake policies. They also try to defraud customers on phone calls with the intention of renewing their policy. In a written reply in July 2019, the Finance Ministry informed the Rajya Sabha that fake motor policies are on the tune of over 50 crores were released in FY19. Digit’s “Policy Genuineness Check” solution will help reduce such risks of fraud and protect the interests of policyholders, the company release said.

How will the Reality Check feature work?

Apart from checking the status of the policy to check its genuineness, customers can also determine the validity by viewing their policy document which has a watermark bearing the unique policy details. This watermark makes it difficult for anyone to tamper with the digital document as it contains details of the policyholder’s name, vehicle number, make and model, date of inception of the policy and type of policy, the company release said. .

Vivek Chaturvedi, Head of Direct Sales, Digit Insurance, said, “Our new simplified solution is a significant addition to our existing bouquet of services to make insurance purchases safe and secure for our customers. The industry is generally witnessing two types of frauds: forging documents through fake calls and issuing fake policies in the guise of policy renewal. This new self-service feature will empower the customers to check the authenticity of the policy.”

It is important to note that Digit is one of the few insurance companies to offer the genuineness of the policy feature on its website. A policyholder can check whether their motor policy is genuine or not on the National Vehicle Registry, Vahan Portal currently organized by the Ministry of Road Transport and Highways. IRDAI has also taken several initiatives to increase the awareness of customers against issuance of fake policies.