CAMS Insurance Repository Services accelerates digital transformation of insurance

Chennai, Jan 15 (PTI) CAMSRep (CAMS Insurance Repository Services Ltd) has accelerated its digital transformation of insurance benefits by servicing over 1 crore policies in the electronic format, a top official said.

The move comes in the backdrop of the insurance regulator IRDAI mandating electronic issuance of policies and the introduction of Know Your Customer across all insurance purchases and also increasing awareness among customers.

CAMSRep has been at the forefront of the digital drive in the insurance industry and was one of the first repositories to start operations, the company said in a statement on Wednesday.

"Only about 15 per cent of our electronic Insurance Accounts come from Top 10 cities, indicating that the digital participation is much deeper than just urban area and Indian consumer is much at ease with digital channels," CAMSRep CEO Vivek Bengani said.

"NRIs, particularly professionals working abroad, find electronic Insurance Accounts the most convenient way to manage their insurance portfolio. Maintaining insurance policies in electronic Insurance Accounts eliminates the risk of missing policies, offers increased convenience through single interface and facilitates prompt claim settlements," Bengani added.

CAMSRep has worked with multiple insurers including TATA AIA, Aditya Birla Sun Life, Edelweiss Tokio and helped their policyholders enjoy the benefit of electronic Insurance Accounts.

Currently, 50 out of the 55 insurance agencies issue electronic policy through this route, the company added. PTI VIJ SSK VIJ SSK ROH