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:

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

About CAMSRep


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.

Benefits of Managing Digital Insurance policies

As expressed by S V Ramanan (CEO at CAMS Insurance Repository Services) on Aug 08, 2016.

To promote the digitization initiative in insurance, aligned to the Digital India initiative of the government, IRDAI (Insurance Regulatory and Development Authority of India) has released the final regulations that mandate insurance policies above a certain annual premium (Rs 10,000 in case of life and health, and Rs 5,000 for general insurance and all motor insurance) has to be mandatorily issued in electronic form. This will come into effect from October 1, 2016, and can increase the penetration of insurance repositories, and in turn, benefit the policyholder.

Though internet banking has been available for many years, the advent of mobile wallets has made people more comfortable with transacting. From booking cabs, to booking movie tickets and even to buying groceries, it is all done using mobile phone apps.

In the financial services industry, shareholding has been dematerialized, and products such as the National Pension System and mutual funds are available electronically. And many private banks will now charge if you want to visit their branches for transactions.
The IRDAI introduced the insurance repository in 2013—a first of its kind initiative in the world.

Here are some of the benefits of holding insurance:

Safety: There is no risk of loss or damage of a policy; the electronic form ensures that they are in safe custody and can be easily accessed when needed.

Convenience and single point of service: All insurance policies, be it life, pension, health or general, can be electronically held under a single e-insurance account. Premium for all the policies can be paid online and service requests or complaints can be registered at the website of the Insurance Repository.

Less paper work: When you want to buy a new electronic policy under an existing e-insurance account, you do not need to go through the KYC verification process again. Further, if you want to make any changes to your personal details like address or contact details, you just need to change the details in your e-insurance account with the repository by submitting a single request.

The repository will then inform all the insurance companies with whom you hold electronic policies, about the changes. Such service request which pertains to the e-insurance account is executed by the repository, and the information is then passed on to the insurer. Whereas, service requests with regards to insurance policies, loans, change in nomination details and so on, the repository will coordinate with the insurer for its execution, after which it will be communicated to the policyholder.

An e-insurance account can be operated by the account holder only during her life time, unless she has been rendered incapable to operating it. In such circumstances, the account can be operated by an authorized representative (AR) appointed by the account holder.

A policyholder who opens an e-insurance account has to appoint an AR who will be entitled to access it in the event of demise of the policyholder or in her incapacity to operate the account. The policyholder can change the AR, at her discretion, during the term of the insurance account.

E Insurance Account is free of charge to the policyholder. The repository will be paid directly by the insurance companies whose policies are held in electronic form so that no charges are levied on policyholders. Insurance companies will be able to pay repository for the services rendered out of the savings that will accrue to them by shifting to electronic policies.

Source: Deccan Herald