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Digitising policies won't cost insurers much: CAMSRep

CAMS Insurance Repository is a licensed provider of digitised policies

M Saraswathy  |  Mumbai 

S V Ramanan, chief executive officer of Repository Service (CAMSRep), has said digitising of policies would involve only a nominal cost.

CAMSRep, Computer Age Management Services (CAMS)’s repository, has been authorised by the Regulatory and Development Authority (Irda) to act as an repository.

“Though different insurers will have different arrangements with each repository, the charges will be nominal. On an average, it could be Rs 75-80 for digitising policies per person; the annual servicing fee could be Rs 800-1,000. This is nominal, compared to the amounts spent by insurers to maintain physical documents,” Ramanan said.

An repository is a facility to help policyholders buy and keep policies in form. Customers can opt for portability—shifting from one repository to another. For this, they would be given a new e-account.

Currently, there are about 330 million life policies and 90 million general policies in the country. Irda’s estimates suggest companies spend Rs 150-200 per customer annually in maintaining policies in physical form. Irda’s initiative to digitise policies is expected to help the industry save about Rs 100 crore annually.

also provides outsourcing services to companies, including new policy applications, agent enrolments, welcome calling and persistency calling. In these segments, it has 14 clients—12 life insurers and two general insurers.

Ramanan said the company had 1,600 e-accounts, and this number was rising rapidly. It was considering having more licentiate and associate fellows, he said. Currently, it has about 35 licentiates.

Ramanan said was a neutral entity, without any conflict of interest with insurers or brokers/agents.

“We have many channel partners with conflicting businesses.

Hence, confidentiality of customer data is guaranteed,” he added. The service delivery model, he said, was spread across about 380 locations. plans to have 1,00,000 accounts by the end of this financial year. In the next few weeks, it plans to tie-up with 12 companies.

All transactions between insurers and the repository are carried out on the i-Trex platform.

So far, Irda has only allowed digitisation of life policies. Ramanan said he expected a go-ahead for digitisation of general policies by December. is in talks with the four state owned general insurers--- New India Assurance, National Insurance, United India and Oriental Insurance---and a large private general insurer for possible tie-ups, once Irda gives the nod. Initially, medical and motor policies could be offered in e-format.

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