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

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'.