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IRDA to use more technology for assessment of crop loss

The objective is to reduce the time taken for assessment of loss and settlement of claims of agricultural crop insurance

October 30, 2013 12:34 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) said that is planning to use more technology for assessment of agricultural crop loss, according to a media report.

M Ramaprasad, Member (Non Life, IRDA said that the regulator is planning to rely more on technology in the assessment of crop loss for which it will take help from the India Meteorological Department (IMD), the report added.

According to IRDA, the objective is to reduce the time taken for assessment of loss and settlement of claims of agricultural crop insurance as settlement of claims takes considerable time.

In order to cut cost of servicing polices, IRDA is also asking insurers to set up the Common Service Centres which have been set up the government across all districts, as a distribution channel.

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