CAMS' insurance repository crosses one crore e-policies, 90% insurers offering digital option

CAMSRep said it now has one crore e--olicies held in 80 lakh e-Insurance Accounts (eIA), which makes it the largest insurance repository in India.

There has been a 'decisive shift' towards digital insurance, with more than 90% of the insurers now issuing policies in the electronic mode, CAMS' insurance repository subsidiary has said, adding that it serviced one crore e-policies.

CAMS Insurance Repository added that all private insurers are now offering e-insurance options to policyholders, and the pace of migration has been rapid. "The first 1 million policies for CAMSRep took nearly five years to aggregate, the last million came in just 4 months...," a company statement said.

More significantly, interest in this e-policy ownership has been broadbased. "Only about 15% of our eIA holders 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," Vivek Bengani, CEO, CAMSRep said.

Electronic issuances have also resulted in insurers reducing policy delivery cost by 90%, and manifold improvement in 'customer contactability'.

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As of now, 50 out of 55 insurers issue policies in the digital form through the eIA route.

CAMSRep said it now has one crore e--olicies held in 80 lakh e-Insurance Accounts (eIA), which makes it the largest insurance repository in India.

CAMSRep said it is further investing in digital insurance, and has built Bima Central - first-ever platform for policyholders – for its eIA holders. Bima Central allows digital policy holders to maintain portfolio as well as avail services like renewal, updation of details and raise servicing requests. Within quarters of launch, Bima Central has garnered 4.5 lakh active users and is processing close to 1 lakh service requests every month.

Vivek Bengani, CEO of CAMS Rep saif Bima Central will help improve the value of the insurance products.