CAMSRep CEO MR. S. V. Ramanan speaks at the prestigious 9th Global Insurance Summit 2016
The Associated Chambers of Commerce and Industry of India (ASSOCHAM), is one of the premier trade associations in the country that has been serving in the interest of Indian trade and Commerce for nearly 100 years. The ASSOCHAM National council for Insurance, has been distinguished in its service as an interface that brings together representatives from the industry, government and other significant stakeholders on policy issues and initiatives.
ASSOCHAM National council for Insurance recently hosted the 9th Global Insurance Summit 2016 – themed “Insurance: The Next Powerhouse in Financial Industry” on 16th September 2016, Mumbai. Attended by pioneers, veterans and thought leaders from the insurance industry, the occasion was one of high, palpable energy, charged with arrays of thoughts and dialogues covering the recent developments, challenges and opportunities in the field.
Inaugurated by the honorable Chief of IRDAI, Mr. T. S. Vijayan, the Chief Guest, the summit saw noted speakers’ and top representatives from the Indian Insurance industry, recording their experts’ perspective of the many Policy Reforms, Regulations, executory challenges and the role of intermediaries.
Speaking at the event, Mr. S. V. Ramanan, CEO, CAMS Insurance Repository Services Ltd (CAMSRep), remarked how the Insurance industry had always been an arena “where the race is perpetually on, and the rules are constantly evolving”. Underscoring the dynamic nature of the industry, Mr. Ramanan observed how regulatory changes have been pivotal in effecting several operational changes in the field of Insurance, in life and as well as non-life.
Mr. Ramanan marked his appreciation for the meticulous process through which new changes are incorporated in the industry by the IRDAI; Executed in distinct phases, such as the cursory release of Exposure Drafts that solicit participation on its standards-setting activities, sufficient room is created for stake holders to review the many opportunities and challenges that the new change(s) would present, before proceeding to finalize and release the proposed modification or new regulation.
Speaking on Central KYC, Mr. Ramanan observed that there might be a need to relook at its dependencies on paper-based formalities, as the Aadhar-based eKYC might as well meet all the requirements to be met with the former, in a refreshingly technology enabled, paperless, convenient way that also ensures deduplication.
As the CEO of one of the country’s first ever electronic Insurance Repository that facilitates policy holders buy and keep insurance policies in electronic form since 2013, Mr. Ramanan lauded IRDAI for bringing about the Issuance of e-Insurance Policies Regulations 2016, which would come into effect from 1st October, 2016, bound to revolutionize the Indian Insurance industry in its enormity. The other dignitaries who were present expressed their acknowledgement as he stated how these electronic policies, besides bringing convenience and safety, also reduce risk by eliminating paper and associated risks of storage and loss.
CAMS Insurance Repository Services Ltd (CAMSRep), a subsidiary of CAMS, is one of the major Insurance Repositories in India Licensed by Insurance Regulatory and Development Authority of India (IRDAI). CAMSRep, as an Insurance Repository opens unique eInsurance Accounts (eIA) for policy holders,which in essence are convenient, safe and relatively risk-free electronic policies. CAMSRep also acts as a single point of service for all ePolicies held by a policy holder. Apart from repository services, CAMSRep also provides outsourcing services to multiple Insurance Companies in accordance with IRDAI regulations.