CAMSRep Crosses Milestone of 1 Crore e-Policies

In a significant leap towards digital transformation, CAMSRep (CAMS Insurance Repository Services Limited) announced surpassing 1 crore electronic policies. This milestone cements its position as India’s largest insurance repository, highlighting its role in reshaping how policyholders manage their insurance portfolios.

The Road to 1 Crore e-Policies

CAMSRep’s journey to this milestone has been marked by a dramatic acceleration in digital adoption. While it took five years to aggregate the first 1 million policies, the last million were achieved in just four months. This underscores the growing trust and reliance of policyholders on digital solutions.

IRDAI’s Push for Digital Transformation

The Insurance Regulatory and Development Authority of India (IRDAI) has played a pivotal role in this shift, mandating electronic policy issuance and KYC for insurance purchases. Over 90% of insurers now issue e-policies via CAMSRep, further solidifying the repository’s influence. Additionally, many insurers are working with CAMSRep to digitise existing paper policies.

Expanding Accessibility Beyond Cities

Interestingly, only 15% of CAMSRep’s e-Insurance Account (eIA) holders come from the top 10 cities, showcasing significant digital adoption in semi-urban and rural areas. Non-resident Indians (NRIs), especially professionals, also find the eIA platform highly convenient for managing their insurance portfolios.

Benefits for Policyholders and Insurers

The advantages of maintaining insurance policies electronically are manifold:

• Policyholders: Reduced risk of losing physical policies, centralised portfolio management, and faster claim settlements.
• Insurers: A 90% reduction in policy delivery costs and improved customer contactability.

Collaborations with Leading Insurers

CAMSRep collaborates with top insurers, including ICICI Prudential, TATA AIA, Aditya Birla Sun Life, and SBI General, to enable seamless digital transitions. These partnerships have not only benefited policyholders but have also strengthened CAMSRep’s standing in the industry.

Bima Central: A Game-Changing Platform

CAMSRep recently launched Bima Central, an integrated platform designed for its 80 lakh eIA holders. This platform allows users to:

• Manage insurance portfolios.
• Make renewal payments.
• Update personal details.
• Raise policy service requests.

Available in English, Hindi, and Telugu across web and mobile platforms, Bima Central has already garnered 4.5 lakh active users, processing close to 1 lakh service requests monthly.

Industry Voices Applaud the Milestone

Commenting on this achievement, Parag Rane of ICICI Prudential Life stated, “This milestone reflects the digital transformation in the insurance sector. We look forward to collaborating further with CAMSRep to drive innovation.”

About CAMSRep

CAMSRep, a subsidiary of CAMS, manages over 8 million eIAs and 10 million e-policies, partnering with 50 insurers. The repository continues to invest in innovative solutions to enhance policyholder experiences.

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