India is no exception and a plethora of products are being sold and delivered using the electronic platform to millions of customers. “It is probably the right time to extend this opportunity into the insurance space,” it said.

To increase insurance penetration and to bring financial inclusion in a cost-effective manner, the Authority is inclined to facilitate the promotion of e-commerce in insurance space, it said.

It would lower the cost of transacting insurance business and bring higher efficiencies and greater reach suitably leveraging the government initiative of Digital India aimed at creating a digitally empowered society and knowledge economy, the regulator said.

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