Digitally transformed: The Indian Insurance Sector

BFSI – Digitally Redefined

Digital technology is redefining the BFSI landscape in India. Banking and Financial Services have been significantly transformed with the infusion of technology in its proceedings. Mobilization of the JAM trinity, i.e., Jan Dhan Yojana (PMJDY), Aadhaar and Mobile connectivity (JAM), has already taken financial inclusion to new levels, heralding a new phase in which overall empowerment in the world’s largest democracy is more than just a mere possibility.

IRDAI issuance on e-insurance policies

IRDAI, mindful of the transformation being effected by digitization in the other realms of BFSI sector, had mandated that certain insurance policies are to be issued in digitized, electronic form, from October 1, 2016. Policy holders need to have an e-Insurance Account (eIA), to purchase or renew policies, including motor insurance and overseas travel insurance policies. We believe this initiative of IRDAI is in line with the Government of India’s, Digital India initiative.

The exact requirement is as follows for various kind of policies (Source: IRDA)

IRDAI issuance on e-insurance policies

Owning an electronic Insurance Account (eIA)

The primary benefits of owning an e-insurance are founded on the actualities of paperless and digital convenience. Powered by enhanced accessibility and easy retrieval, e-Insurance policies are safe, convenient and easy to manage. With simplified modification capabilities, be it any form of policy owner services across both financial changes and non-financial changes, e-Insurance is emerging as the face of truly paperless, presence less feasibilities. An electronic Insurance Account is a necessity to access the benefits of e-Insurance.

An electronic Insurance Account (eIA) effectively excludes the use of physical documents, susceptible to physical loss or damage. The eIA has to be opened with an insurance repository to hold the insurance policies in electronic form. eIA facilitate any time anywhere access to insurance policy and services

CAMS Insurance Repository Services Ltd (CAMSRep), a fully owned subsidiary of CAMS, licensed by (IRDAI) as an insurance repository.  The repository services offered by CAMSRep makes it convenient for policy holders to get service on demand anywhere.

Points of Presence across the Country

Keeping in mind that there are still large areas of the country where digital reach has not been realized, CAMSRep, through its centers in over 270 locations across India, acts as a point of presence for policy holders on behalf of insurance companies; these centers facilitate the processes of  e Insurance account services,  Policy Owner Service Requests.

CAMSRep also provides outsourcing services to multiple Insurance Companies. With a client base inclusive of some of the biggest and most reputed Insurance Companies, CAMSRep has delivered the twin benefit s of outsourcing viz. specialization in Policy holder services and cost benefits.

As a non-aligned entity with no conflict of interest with Insurers or Brokers/ Agents, CAMSRep has no channel partners with conflicting businesses, warranting a high degree of data confidentiality.

It is noteworthy that CAMSRep was conferred as a prestigious Celent & Asia Insurance Technology Award at the 5Th Asia Insurance Technology Awards (2015), held in Jakarta, Indonesia, in acknowledgement of its world class service excellence and technology leadership.

About CAMSRep

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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. To know more about CAMSRep, please visit https://www.camsrepository.com/.

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Published by

Sudarshan Ranganthan

Breaths Investments, Suggests Wealth Creation Ideas, Lives on Law Of Attraction

4 thoughts on “Digitally transformed: The Indian Insurance Sector”

  1. Already have electronic Insurance Account (eIA) in CAMS Repository. Premium payment facility for the existing Insurance policies through CAMSRep is not possible till now. Then what is use of having electronic Insurance Account(eIA)?

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