CAMSRep CEO speaks on future of life insurance distribution at the Businessworld Life Insurance Summit-2017

The Indian insurance sector is relatively underpenetrated, yet to reach its full potential. At present, the country makes up for a meager 1.5 per cent of the world’s total insurance premiums in spite of its teeming population.

While prevailing Government policies aim to take insurance penetration in the country to the next level with initiatives such as the campaign to digitize insurance policies, private Indian insurance players are also exploring various ways to engage and enroll the uninsured and the underinsured.

Creating a forum for discussion, BW Businessworld recently organized the BW Businessworld Life Insurance Summit 2017, on 26th April at Trident Mumbai, bringing together industry veterans, thought leaders and prominent officeholders from across the Indian Insurance sector.

Among the prime highlights of the summit was a panel discussion strategically titled “Into the Future of Life Insurance Distribution”.  Moderated by Dr. Anjana Grewal, Director – Centers of Excellence, MISB Bocconi – Bocconi India, the discussion saw panelists sharing their ideas and views on the role and impact of technology in approaching and optimizing the scope of life insurance distribution, on the requirement to ensure a healthy premium mix and the role of aggregators in the next phase of distribution.

In this line of discussion, Mr. SV Ramanan, CEO, CAMS Insurance Repository, highlighted the growing necessity to reinvent insurance in a digital avatar at all stages, from sales to claims.  He also reiterated how important it is in the digital world for back-end processes to keep pace with the sales process. If otherwise, it would be no different from running a BMW series 5 with an 800 engine, he observed.

The role of IR is to enable the back end process in such a way that it can be handled in a seamless digital environment. This would ensure good customer experience”, he remarked.

The discussion panel also comprised

Mr. Alok Bhatnagar, CEO & Principal Officer, EasyPolicy

Mr. Mahavir Chopra, Director, CoverFox

Mr. Adit Parekh, Principal, Blume Ventures

Mr. Manik Nangia, Director & CDO, Max Life

Other eminent guests at the event included

Mr. V. Manickam, Secretary, Life Insurance Council

Mr. Yashish Dahiya Co-Founder & CEO, PolicyBazaar

Mr. Ashish Vohra, CEO, Reliance Nippon Life Insurance

Mr. Rohit Kumar Sharma, Country Manager, Financial Services Sector, IBM

Mr. Sushobhan Sarker Director, National Insurance Academy (NIA)

Mr. Girish Malik, Director, Insurance Brokers Association of India

Mr. Vighnesh Shahane, CEO, IDBI Federal Life Insurance

Mr. Deepak Mittal, MD & CEO, Edelweiss Tokio Life

For further reading:
http://businessworld.in/article/BW-Businessworld-Life-Insurance-Summit-2017-Digital-Adaptation-Tremendously-Reduces-Insurance-Servicing-Costs-/26-04-2017-117058/

About CAMSRep

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.

ICICI Prudential Life honours CAMSRep associate with TATVA award

The last few years have witnessed the insurance sector in India undergo a phase of robust growth, transforming the industry into a dynamic arena where the race is perpetually on, and the rules are constantly evolving.Tatva Award

CAMS Insurance Repository Services Ltd (CAMSRep), one of the first to offer services and solutions in the e-insurance domain in the country, has perfectly kept in pace with the changing trends by constantly reinventing and upgrading its workflow and process efficiency dynamics. A fully owned subsidiary of CAMS and a licensed insurance repository approved by the IRDAI, CAMSRep has been consistent in developing and delivering solutions and services that match client requirements and surpass end-consumer expectations. 

tatva-awardCAMSRep as a provider of outsourcing services to the biggest and most reputed insurance companies in India, delivers to its clientele the dual advantage 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. 

Recently, in acknowledgement of this commitment of the organization to deliver only the best in terms of service and process excellence, ICICI Prudential Life, one of India’s leading life insurance companies had conferred the the prestigious TATVA award upon Mr. V. Raja, Team Lead – Payout Processing, CAMS Insurance Repository Services Limited.

CAMSRep Tatrva Award

It is noteworthy that CAMSRep has been the recipient of many such awards in the past, including the likes of the prestigious Celent & Asia Insurance Technology Award (2015) in acknowledgement of its world class service excellence and technology leadership.

What sets CAMSRep apart from competition is that:

  • CAMSRep is a neutral entity without any conflict of interest with Insurers or Brokers/ Agents.
  • CAMSRep has no channel partners with conflicting businesses. Hence, confidentiality of customer data is guaranteed.
  • No CAMSRep service point is too far away. The organization has in place a unique service delivery model that has a foot print of more than 265 locations across India.
  • The electronic repository services offered by CAMSRep makes it convenient for policy holders to get service on demand anywhere.

CAMSRep : Empathy behind envisaging and implementing 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 as per  policy owner service requests.

A solid service delivery model with a foot print of more than 265 locations across India, has ensured that no CAMSRep service point is too far, ever. Being one of the first to envision and launch Insurance Repositories, at CAMSRep, we understand the insurance business like no other, backed  by our deep expertise and vast experience.  For more information on our services, visit us at https://www.camsrepository.com

About CAMSRep

size-02

CAMS Insurance Repository Services Ltd (CAMSRep), a subsidiary ofCAMS, 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.

CAMS officials participate in Birla Sun Life Mutual Fund’s Investment Conclave at Bengaluru

Birla Sun Life Mutual Fund recently organised an exclusive Investment Conclave for Corporate Investors at The Lalit Ashok, Bengaluru. Building upon the success of the previous conclave, held in Mumbai,with the same agenda, the institution brought the event to Bengaluru on January 6, 2017.

Among the prestigious invitees to the exclusive event were top level executives representing Computer Age Management Services, popularly known as CAMS.The Investment Conclave, keeping in tide with the times, was aptly themed “India in the post-demonetisation era”. The occasion saw the coming together of a diverse set of thought leaders and corporate executives, that rendered the evening abuzz with insights on the impact of demonetisation with a special emphasis on the Indian mutual fund industry.

Speakers at the event included officials from the top tiers of Birla Sun Life Mutual fund and CAMS, including:

Mr. Maneesh Dangi, CO – CIO Fixed Income – Equity, Birla Sun Life Mutual fund

Mr. Bhavdeep Bhatt, Head, Institutional Sales, Birla Sun Life Mutual fund

Mr. V Srinivasan, Senior Vice President – Mutual Fund Operations, CAMS

Mr. Tilak Raj Khanna, Asst. General Manager – Distributor Services, CAMS

Mr. Y S Ramesh Raju, RM-South, CAMS

Mr. Shaji Varghese, Branch Head, Bengaluru, CAMS

Mr. P Sasidhar Raju, Sr.DSE – Distributor Services, CAMS

CAMS GoCORP, a unique solution designed to meet the investment needs of corporate investors, was was discussed in detail at the event with the panel highlghting the,  many advantages of the product.

CAMS GoCORP

GoCORP

GoCORP is a digital solution designed to empower institutional investors with the freedom to transact across multiple mutual funds serviced by CAMS through a single portal. Launched in July 2015, CAMS GoCORP has seen a steady enrollment from both large and mid-sized corporate houses across India.

The GoCORP portal allows corporate investors to transact across all participating CAMS serviced funds using single login facilities to enable multiple maker and authorizer combination as approved by the board. GoCORP also addresses compliance & audit needs of corporate investors. To know more about the Transaction features, Reports/Transaction tracking and other conveniences that come with GoCorp, please click here.

About CAMS:

CAMS Logo

Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 62% of assets of the industry across 15 Mutual Funds. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading Insurance Companies, Banks, NBFCs and Alternate Investment Funds. To know more visit www.camsonline.com

CAMSRep organizes exclusive event for User group

The CAMS group of companies have always prided themselves on developing solutions and services that match customer expectations and user suggestions. Interactive sessions that bring together the various perspectives of users and their expectations play a crucial role in such developments that continue to serve the organizations’ zeal for sustained innovation.

img_70141
CAMSRep CEO, Mr. S. V. Ramanan, seen moderating a high energy discussion at the CRUG event.

In keeping with this spirit of robust user engagement, CAMSRep, one of the major insurance repositories in India, hosted its first ever CAMSRep User Group event on the 8th December 2016 at Chennai.

The event themed ‘Ideate, innovate and implement’, was attended by key officials from leading organizations in the Indian insurance sector, representing –

    • Bajaj Allianz Life Insurance
    • Birla Sun life
    • HDFC Life Insurance
    • ICICI Prudential Life
    • Kotak Life
    • SBI Life

img_70241

Moderated by the energetic Mr.S .V Ramanan,CEO, CAMSRep, the session was an engaging event that brought to the fore some of the key issues of prevalence in the Indian insurance industry.

Discussions at the event focused on the role of insurance repositories into reaching out to potential consumers in the under-penetrated Indian market. Besides touching upon a joint representation to be presented to the IRDAI, the delegates discussed on the ways to approach and address the issues concerning unclaimed policies.

The distinguished guests also contemplated over the need to render insurance repositories mandatory.

About CAMSRep

size-02

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.

Digitalisation drive could improve insurance penetration

e-Insurance

If one were to measure the degree of penetration of insurance industry in the India, it would be found that there is scope for a lot more to be done. However, now there is scope for hope in this regard, with the Government of India promoting digitalisation in financial transactions with commitment and intensity.

A recent article published in Financial Express, authored by Mr. Kamalji Sahay, Director, CAMSRep, covers the many possibilities that digitalisation of economy would offer to the advantage of the insurance industry.

Excerpts from the article:

Prime Minister Narendra Modi has been vigorously pursuing the agenda of converting the country’s socio-economic landscape into a digital highway for faster and more inclusive growth. The mission is to map every Indian to a network to enable them to access all kinds of services, benefits and information without hassle and without discrimination. The current drive to move all financial transactions between any two entities or among several entities to the digital platform is a very determined effort to achieve this objective.

While Aadhaar provides a reliable identity to about 90% citizens, the stress on opening bank accounts such as a zero balance account under the Jan Dhan Yojana is targeted to make every entity KYC compliant and armed with a digital identity acquired through the bank account number or the registered mobile phone number.

In the marketing of life insurance, obtaining KYC data and processing the first premium payment have always been very challenging. During consideration of the insurance proposal, verification of several facts, right from age proof to income detail or records of previous policies, are required for evaluating the life before the risk is underwritten.

After completion of the proposal, the policy bond is printed with information on name, address, sum at risk, premium mode and amount and other conditions so that it establishes a legally valid contract between the insured and the insurer. Payment of subsequent premium with the contracted frequency and of any policy proceeds to the policyholder or the claimants has to be hassle free so that the insurer is able to honour its commitment in letter and spirit.

Lack of efficiency in this regard is the most important impediment in achieving higher insurance penetration. When an intermediary asks the potential customer for submitting KYC details, his first reaction is to either postpone buying of insurance or ask the salesman to come later. It’s worse when demands for documents even after depositing the money keep coming to the prospective policyholder. And in utter annoyance, he just refuses to talk to the sales person, depriving himself of a much-needed financial security cover. For people living in remote areas or those belonging to the disadvantaged sections of society, these issues have been a major deterrent in securing life insurance cover. The effect is visible in the low penetration of life insurance.

Aadhaar, which has been recognised by the Irdai as a valid KYC document, issue of guidelines regarding e-insurance account and insurance repositories by the regulator, opening of bank accounts by almost every eligible Indian have suddenly solved many of these latent issues. All these requirements can be complied with through networking with Aadhaar and banks. Even premium and claim payment can be smoothly transacted to minimise lapsation of policies and hassle-free credit of the insurance proceeds to the insured’s or claimant’s account .

Apart from such procedural advantages, digitalisation will enable insurers to identify prospective customers. Repositories can encourage people to go for more insurance. The environment would provide incentive to insurers to operate in villages. People in remote areas may also find it convenient to buy and maintain a few life insurance policies. The new landscape throws up opportunities for insurers to rethink their strategies and deepen their grip on the market. Those insurers who would take time to realise what has happened lately, may face the danger of being left behind in India’s quest for raising insurance penetration to the best global standard.

Article source: http://www.financialexpress.com/money/pm-narendra-modis-digitalisation-drive-can-improve-insurance-penetration-heres-how/479908/

About CAMSRep

size-02

CAMS Insurance Repository Services Ltd (CAMSRep), a subsidiary ofCAMS, 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/.

 

 

CAMSRep CEO reiterates the growing relevance of digital insurance at the Economic Times Insurance Summit – 2016

et_insurance

The last few years have witnessed the Insurance sector in India undergoing a dynamic phase of transformative growth, with IRDAI introducing several developmental reforms such as those concerning e-insurance. The stage has arrived, where the growing relevance of the Insurance industry to the economic growth of the country could not be understated anymore.

In such relevant times, the Economic Times group’s ET Edge had organized the dynamic 3rd annual edition of the Economic Times Insurance Summit, on 9th December 2016 at Mumbai, bringing together industry veterans, thought leaders and prominent officeholders from across the Indian Insurance sector.

Among the prime highlights of the summit was a strategically themed panel discussion titled “InsurTech: The fusion of Insurance & Technology, road to Innovation”. The panelists brought forth their thoughts, ideas and perceptions on the role and impact of technology in redefining the insurance landscape in terms of profit, acquisition and progress.

Mr.SVRamanan_at_ET_insurance.jpg

In this line of discussion, Mr. Ramanan, CEO, CAMSRep highlighted how pertinent, right from sales to claims, it has been to have reinvented insurance in a digital avatar. He also reiterated how relevant e-insurance is an era where the digital natives in India are growing to account for a considerable section of the consumer segment.

He touched upon how other countries in the world that have successfully collaborated technologies such as GPS with digital insurance in effecting instant settlements against insurance claims in motor insurance, Mr. Ramanan and expressed his conviction that India as a nation at the threshold of being transformed into a cashless economy is surely and progressively moving towards such a phase of growth in terms of the insurance industry.

Click here to watch the entire panel discussion.

Other eminent speakers at the conclave included-

Mr. G. Srinivasan, CMD, New India Assurance

Mr. Joydeep Kumar Roy, Partner & Leader – Insurance, PWC

Ms. Kalpana Sampath, MD, Swiss Re Services India

Ms. R. M. Vishakha, MD & CEO, Indiafirst Life Insurance

Mr. Arijit Basu, MD & CEO, SBI Life Insurance

Mr. Anuj Mathur, CEO, Canara HSBC OBC Life Insurance

Mr. Anuj Gulati, MD & CEO, Religare Health Insurance

Mr. Shashwat Sharma, Partner – Management Consulting, KPMG

About CAMSRep

size-02

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.

D&B Financial Markets Conclave 2016 : CAMSRep CEO contemplates the road ahead for distribution of financial products

The Financial Markets Conclave 2016 hosted by Dun & Bradstreet India, on 23rd November 2016, at St. Regis, Lower Parel, Mumbai, saw the coming together of industry veterans, thought leaders and prominent officeholders from across BFSI sector.

fmc16-1

The summit set the stage for dialogues on pertinent topics of great relevance, including the role of bond platforms in raising debts, the many innovations that are making waves in the commodity market and the prominent aspects of the regulatory landscape as instituted by IRDAI.

fmc16-2
Mr. S. V. Ramanan seen speaking at the D&B Financial Markets Conclave 2016

One of the key highlights of the event was the vibrant panel discussion moderated by Mr. Mrugank Paranjape, MD & CEO, Multi Commodity Exchange of India Ltd.

Titled “Distribution of financial products: The way forward”, which was also the central theme of the conclave, the session saw Mr. S. V. Ramanan, CEO, CAMS Repository Services Ltd., sharing his opinions with substantial references on the future of distributing turnkey financial products such as e-insurance policies.

Mr. Ramanan summarized how CAMS Group as an integral part of India’s Financial Infrastructure leveraged technology to the ease of distribution of financial products – be it via FinNet along with other large RTAs or through myCAMS for the retail investors.

He remarked that the success of Pradhan Mantri Insurance schemes was largely due to the ease of opening insurance policies, as in the case of CAMSRep. He also underlined how IRDAI has facilitated the process of opening eIA ( e-Insurance Accounts) in such a way that the policy-holder is rendered KYC compliant. Furthermore with the KYC, the purchase of an Insurance policy is further simplified.

Mr. Ramanan emphasized that success of distribution is not only about reach but being available at the Moment of Truth ( when there is a need for service) and of how CAMSRep has facilitated this for insurers through its pan-India Insurance Service centers (ISCs).

Other panelists at the conclave included-

  • Ms. Shilpa Kumar, MD & CEO, ICICI Securities Ltd.
  • Mr. Kamlesh Rao, CEO, Kotak Securities Ltd.
  • Mr. Amit Rathi, MD & CEO, Anand Rathi Group
  • Mr. Himashu Vyapak, Deputy CEO, Reliance Nippon Life Asset Management Ltd.
  • Ms. Vibha Padalkar, Executive Director & CFO, HDFC Standard Life Insurance Co. Ltd.
  • Mr. S. V. Ramanan, CEO, CAMS Repository Services Ltd.

Eminent guests at the summit included Mr. Ashishkumar Chauhan, MD & CEO, BSE Ltd., Dr. (Ms.) Mamta Suri, Chief General Manager (Finance), IRDAI and Ms. Preeta Misra, Director – Learning Solutions, Dun & Bradstreet India.

About CAMSRep

size-02

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.

15129002_1253419568054840_7509189533786071782_o