E-commerce has been a game-changer in more ways than one. It has been rewriting the assumptions of trade as the technology advances and more and more people get access to internet. According to an estimate by Google India, by 2020 more than 200 million Indians are likely to be make purchases and sales online. This will result in making paperless transactions as high in volume as the cash transactions in the economy.
The travel and tourism industry has made a total paradigm shift in transactions between the consumer and the service provider.
The Insurance Regulatory and Development Authority of India (Irdai) has released its draft regulations for facilitating and regulating e-commerce in the Indian insurance industry. Online sale of policies was permitted already but that has been neither paperless nor without human interventions. The e-commerce guidelines and regulations, however, point to a clear step forward to usher in an absolutely new channel to market or to purchase an insurance product.