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.

Advertisements

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.

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.

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.

Secure your policies with eInsurance Account

IRDAI had recently 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.

e-Insurance

In a recent article as published on Business Standard, the many ways to go about setting an eInsurance account have been covered, with substantial references to Mr. S. V. Ramanan,  CEO, CAMS Insurance Repositories Services.

 

Mr. Ramanan Photo
Mr. S. V. Ramanan, CEO, CAMSRep

 

 

Excerpts from the article:

From October 1, opening an e-insurance account has become compulsory for buyers of new policies. The insurer whom you are buying the policy from will facilitate the process of opening this account. Existing policyholders will have to initiate the process themselves.

One advantage of opening this account will be convenience. After fulfilling KYC (know your customer) requirements, you will be able to store multiple insurance policies across segments at one place. Retrieving the policy at the time of lodging a claim will become easier.

“Today, more than Rs 5,000 crore of maturity claims are lying with the life insurance sector. This has happened because people are not aware of where they have kept their policies. Submitting the original document is mandatory at the time of a claim,” says S V Ramanan, Chief Executive Officer, CAMS Insurance Repositories Services. Electronic record-keeping will also prevent loss of documents because of natural disasters. Applying for a duplicate policy can be tedious. Cases of fraud are also expected to diminish since duplicating an e-policy is difficult. Policyholders will also be able to view policy details, see scanned images of proposal forms and their terms and conditions, and make changes to their account details.  

Opening or maintaining an e-insurance account will not cost policyholders anything. Insurance repositories are compensated by insurance companies for safekeeping policies in electronic form. They will do so because they stand to save the money they currently spend on printing and despatching physical policies.

Account opening forms can also be submitted in the physical form to the approved persons (people appointed by the repository for customer service) along with supporting documents.  

Existing policyholders will need to get their policies converted to be able to store them online. Once you have an e-insurance account, you can request for conversion at the repository’s website, or approach approved persons. “You can also approach your insurer and share your e-insurance account number for getting your policies converted,” says Ramanan.

Holders of e-insurance accounts have to appoint an authorised representative to act as their trustee. This person could be the nominee, a family member or a friend. She will be able to access the account in case the account holder dies or becomes incapacitated.

To read the entire article, please visit: https://goo.gl/JECXn7

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