DPDP norms nudge insurers to boost tech systems

Industry says phased deadlines give them time, but the compliance effort will require major process redesign

- AATHIRA VARIER

Insurance companies will have to increase investments in technology and build an effective consent mechanism to comply with the new Digital Personal Data Protection (DPDP) norms, industry experts said.

Insurers have allotted some amount for implementing the norms but additional expenses will be budgeted in their annual operating cycle as they require considerable capital and operating investments. The industry is still assessing the implications of the norms and the changes required.