CAMS Insurance Repository Services today announced servicing over 1 crore policies in the electronic format, underlining the decisive shift towards digital by policyholders to manage their insurance portfolio.
Recent initiatives and directions by IRDAI mandating electronic issuance of policies and introduction of KYC across all insurance purchase has increased awareness, acceptance and feasibility of electronic policies. All private insurers now offer e-Insurance account options to their policyholders to receive their policies, electronically.
CAMSRep has been at the forefront of the digital drive in insurance industry and was one of the first repositories to start operations. The fact that the first 1 million policies for CAMSRep took nearly five years to aggregate, the last million came in just 4 months, is strong evidence to the accelerated adoption of digital conveniences offered by CAMSRep.
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 said Vivek Bengani, CEO, CAMSRep. NRIs, particularly professionals working aboard, find eIA most convenient way to manage their insurance portfolio.
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