CAMSRep sees multi-fold jump in e-insurance accounts, electronic insurance of policies
CAMSRep launched Insurance Repository services in Sept. 2013.E Insurance accounts / E policies set up by policyholders during just a pilot participation by insurance companies indicate benefits seen by the policyholders. Repository account would ensure delivery of benefits of life insurance even in the worst calamities due to electronic holding and new concept introduced by IRDA of an authorized person.
CAMSRep as the Insurance Repository is focused on providing technology-enabled Insurance outsourcing and dematerializing Insurance policies service to Insurance companies and policy-holders.
The approval of new Insurance Bill encourages the adoption of technology to increase the number of electronic issuance of insurance policies, as also the conversion of old ones.
S V Ramanan, CEO, CAMSRep says: “With the enabling support of the new Insurance Bill and insurance companies promoting the benefits of repository accounts, we anticipate that there would be a similar multi fold growth in the policyholder friendly electronic insurance policies.”
The long awaiting increase in FDI in Insurance sector to 49% from 26% is a blessing to the industry which has been through a low growth phase for the last few years. We believe the capital inflow would revitalize the Industry, increase Insurance penetration like in developed markets, investments
in technology and global best practices. Penetration of insurance is very low in all categories of Life, General and Health Insurance, said Dinesh Kumar Mehrotra, Chairman, CAMSRep.
“Ideally the drive to improve in penetration should be through adoption of technology, enabling electronic record of Insurance Policies through Insurance Repositories to enhance policyholder confidence while Insurance Company derives cost economies and improves return on investments. The role of technology, to integrate sales, policy servicing including claims processing can be facilitated by Insurance Repositories who are approved by IRDAI. This optimizes investments by Insurance companies in operating resources,” Mehrotra added.
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