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NIR (National Insurance Repository) is a new facility that has gained approval from the insurance regulatory and development authority for setting up an insurance repository. This will facilitate of holding all the type of insurance policies in an electronic form at a single e-Insurance account. For this, NIR Registration is needed and an individual can easily register for this. NIR helps every individual to stay away from the stress of holding all the insurance policies at one place in a physical form. This eIA now acts as a point of contact for the account holder to easily update the existing insurance papers into electronic policies as per the request from the policyholder.

Hence, if you have decided to join the NIR, it is necessary to gain deep insight into some mandatory information. In order to join the NIR and the insurance company, it is necessary to know the facts and sign the agreement that contains all the rights and responsibilities for both the parties. There are various requirements that an individual should meet or fulfil before joining NIR.

Basic requirements for joining NIR:

There are basically two types of requirements:

Process Requirements: In the process requirements, an individual need to go through the following steps.

  • Sign an agreement: Here Insurance company and NIR have to sign an agreement where the rights and responsibilities of both the involved parties are specified. This is necessary to avoid any future conflict and misunderstanding.
  • Complete the proposal form: The parties need to complete the proposal form that is necessary where the Insurance Company will create a provision for eIA number. For individuals who already have an eIA number can easily approach an Insurance company for a new policy. With this, the Insurance Company will not need to carry out the KYC as the details are already provided at the time of KYC that is done by NIR.
  • Assign SPOC: Single Point of Contact (SPOC) contains the details of the Insurance Company to whom the IR will be communicated. In a successful SPOC, details like contact name, Insurance Company name, email id, landline number, fax number, mobile number and contact address.
  • Approved person communication – Insurance Company: When an Insurance Company process the request for a new insurance policy and request the eIA number, here the eIA request can be forwarded to an approved person. NIR will help the Insurance Company for this in order to ensure that the complete process is smooth and completed without any hindrances.
  • Provides needed training: In order to successfully complete the NIR registration, the insurance company is liable to provide the needed training to the staff that works on the NIR project. For this, NIR will provide complete support in the training and will also provide the manual for the same.

Operations requirements:

  • Credit the policy in the eIA of an individual: In this process, the owner of the information related to the insurance policy will be the insurance company. Here the details will be displayed in three parts like product registration, file upload – images and file upload – insurance details.
  • Communicate: In this, NIR will communicate the necessary login ID and password of the eIA holder along with the welcome kit. Moreover, the policy credit alters will be sent to the individual via an email and SMS. Additional changes will be sent through email or SMS to an individual. Along with this, a physical copy will be provided to the eIA holder.
  • File changes: An individual can easily make the necessary changes in a phone number, IPIN and other details by uploading the support document on the eIA.
  • Reconciliation: The reconciliation is done between the NIR and insurance company on a quarterly basis.