The insurance repository system will bring down insurance management costs substantially, Union Finance Minister P. Chidambaram said here on Monday while inaugurating the Insurance Regulatory and Development Authority’s (IRDA) insurance repositories. Mr. Chidambaram said, “At present, the management costs for the insurance companies are around Rs.120 per policy. And the cost is likely to come down to Rs.20 per policy per annum.”

T. S. Vijayan, Chairman, IRDA, said, “Effective use of technology in the insurance sector will be the game changer in the coming days.”