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

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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.

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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

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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

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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.

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

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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/.

 

 

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.

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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.

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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

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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.

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Weekly Roundup – November 19

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CAMS brings you a weekly glimpse at the key happenings in the BFSI sector, in India and abroad. Regulatory updates or important news, here are some which might have had an impact on the sector.

The United States of America to enter the Oil Export domain, following the approval of The Bureau of Industry and Security (BIS) for export of ultra-light crude identified as Condensate.

Mutual Fund SIP

Economists and experts predict modest growth for EU economy, in the year to come. Suggestions proposed at the opinion poll conducted by Reuters for changes in the workings of the Central Bank to allow more room for purchase of eligible bonds.

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Finance Ministry issues warnings against misuse of Jan Dhan accounts for conversion of illegal funds.

RBI

RBI to issue fresh set of regulations governing the exchange and deposit of Rs 500 and Rs 1000 at banks.

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SEBI relaxes norms for clearance and verification process for account-opening of FPIs; initiates online verification services for the same.

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CDSL data affirm the positive development that Indian markets are witnessing as investments from domestic players dominate; diminishing dependence on Foreign investments seen as a healthy sign.

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Mutual fund industry witnessed steady growth in October, owing to sharp rise in folios; Folios in Equity funds alone attribute for 3.79 crores of the 5 crore mark reached in the last month.

AMFI and MF industry to come together for the cause of investor education in the country; Rs 300 crore to go in as investment for materialization of the same.

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IRDAI to sanction insurers the claim to stake-holding beyond the cursory 15% limit, well within the scope of agreement with principles of good risk management.

About CAMS:

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Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 62% of assets of the industry across 16 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 http://www.camsonline.com

 

 

Weekly Roundup – November 05

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CAMS brings you a weekly glimpse at the key happenings in the BFSI sector, in India and abroad. Regulatory updates or important news, here are some which might have had an impact on the sector.

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The US Federal Reserve chooses to leave Fed Rates unperturbed, in deference to the upcoming presidential elections.

China’s impact and contribution towards the global economy is significant, say experts. The country that accounts to 15% of the world’s economy, is attributed for more than 25% of global economic growth.

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GST given final touches at the two-day meeting held in New Delhi. A four slab tax structure to take effect. Centre rejects states’ pleas for special GST rates on specific goods of luxury.

Budget for the upcoming fiscal year to be presented in February, according to Finance Ministry sources. The Ministry seeks to wrap up the entire process by end of FY 2016-17.

RBI

The Central Bank of India now allows banks to raise funds via Masala bonds, enabling prospects for raising Tier I, Tier II capital to be lent to the Infrastructure sector.

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SEBI renders transparency to regulations concerning delisting mechanism. Firms can now seek to voluntarily delist only if it had been listed in  a registered stock exchange for a minimum period of 36 months.

MF

Stocks held by mutual funds now exceed those held by the country’s largest, state-run insurer, signaling positive growth for the equity markets.

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20 million railway passengers choose to go for railway insurance cover that offers a compensation upto Rs. 10 lakh

About CAMS:

CAMS Logo High Resolution

Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 62% of assets of the industry across 16 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

 

 

 

eInsurance – transforming the Insurance landscape

Riding the digital wave

These are exciting times that we are living in, what with India progressing to the next level in the digital scheme of things. With almost every industry racing to rise up to the new wave of digitization, the BFSI sector in India, which is undoubtedly crucial to the country’s overall growth and stabilization, was among the latest to extensively embrace technology, giving rise to the FinTech phenomena.

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IRDAI issuance on e-insurance policies

Emerging as the bedrock of new and sustainable innovations, with the JAM trinity lending in sturdy support, FinTech in the Insurance space has evolved significantly in the past few years that the IRDAI had recently mandated that certain insurance policies are to be issued in digitized, electronic form, from October 1, 2016.

A recent article as published on Moneycontrol , covers how eInsurance can transform the Insurance landscape by changing the way policies are stored and payments are processed in the industry, with substantial references to Mr. S. V. Ramanan,  CEO, CAMS Insurance Repositories Services.

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Mr. S. V. Ramanan, CEO, CAMSRep, seen receiving the prestigious Celent & Asia Insurance Technology Award at the 5Th Asia Insurance Technology Awards (2015)

Excerpts from the article:

The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to have an e-insurance account for policies purchased after October 1. IRDAI had introduced e-insurance accounts two years ago, but has made it compulsory only recently.

The move will help not only in consolidating portfolios, but also reduce multi-step procedures and make payment and claims easier, SV Ramanan, CEO of CAMS Insurance Repository Services told Moneycontrol.

The e-insurance account will provide a single point of access to policyholders. In one account, holders can store multiple policies issued by different insurers. The existing physical policies can be converted into e-copies by the policy-holder. The electronic copies will be considered originals by the authorities. Ramanan says that nearly maturity claims of Rs 5,000 crore go unnoticed. The new system will regulate the entire cycle. As per the rules, each account will have a unique identification number and password to access also e-documents.

Not only the documents are secured in one place, it simplifies the Know Your Customer (KYC) process, making changes in existing and new policies. Another benefit is that customers will no longer have to go to insurance offices to get the work done.

The holder will have to do the KYC only once and not repeatedly for all insurances that he/she takes. The new system will provide high access to policy-holders for low data charges.

In areas where digital reach is low, the insurance companies have nearly 1,25,000 common service centers for every six villages that will help people in setting up e-insurance accounts.

On the issue of increasing cyberfrauds, Ramanan said that the electronic infrastructure is strong enough to prevent such frauds.

So far, seven lakh people have registered for the online facility and nearly 5 lakh policies have been converted.

To read the entire article, please visit: https://goo.gl/idw0uj

About CAMSRep

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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/.