Vijayan said IRDA had licensed five repositories and asked all companies to digitise 5,000 policies each under the pilot project. "By end of this month, the initial pilot will be over. We will review the whole thing after and try to solve the problems, if any."

He pointed out that IRDA has approved customer service centres to sell standardised basic policies which some companies have recently developed. He said the policy has same features but are being marketed by the companies in different names.

Earlier addressing a conference on 'digitization and enhanced foreign direct investment', organized by Assocham, he stressed the need for the industry to develop products that are suitable to be sold online.

He called for developing products which are affordable to majority of the population. He said digitization offer an opportunity to companies to cut down their costs and pass on the benefits to consumers.

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