CAMSRep surpasses 1 crore e-Insurance Policies

CAMSRep, a pioneer in digital insurance services regulated by the Insurance Regulatory Development Authority of India (IRDAI), has achieved a significant milestone by servicing over 1 crore electronic insurance policies. This highlights the growing shift towards digital solutions among policyholders.

Recent IRDAI mandates, such as electronic policy issuance and KYC implementation, have driven greater awareness and adoption of e-insurance. CAMSRep, one of the first repositories to operate in this space, has been instrumental in this transition. Notably, while the first million e-policies took five years, the latest million were added in just four months, showcasing the rapid growth of digital acceptance.

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Maintaining policies in e-Insurance Accounts (eIA) offers unparalleled convenience. Policyholders can easily access and manage their insurance portfolio, avoid misplaced policies, and benefit from faster claim settlements. For insurers, digital issuance has reduced policy delivery costs by 90% and improved customer contact rates significantly.

CAMSRep collaborates with top insurers like TATA AIA, SBI General, Aditya Birla Sun Life, and Niva Bupa to provide eIA services. Currently, 50 out of 55 insurers offer digital policies, streamlining customer onboarding and enabling the conversion of existing policies into electronic formats.

CAMSRep has also introduced Bima Central, a unified platform for eIA holders. Available in English, Hindi, and Telugu across web and mobile platforms, Bima Central allows users to manage portfolios, renew policies, update personal details, and raise service requests. With 4.5 lakh active users and 1 lakh monthly service requests, this platform is revolutionizing the insurance experience.