A pilot project will be launched by IRDAI in order to drive awareness campaign. The upcoming project will help the insurance companies in improving their premium collections, said IRDAI chairman S C Khuntia.
Four state governments have been roped in for this project. “We are working with four state governments on a pilot project on how to contact the owners of the motor vehicles that are not insured and send communication to them that they come and renew,” Khuntia said.
It is mandatory under the Motor Vehicle Act to have third party insurance. He further said that traditionally motor vehicles have been a segment which used to give about one-third of the premium but this year there is a little bit of difficulty as there has been concerned about the sale of automobiles. “I hope with the government support the automobile sector will also improve its sales in the near future,” Khuntia said.
