Press Esc to close
Monday 26 June 2017
News updated at 10:34 AM IST

Insurance biz heading to e-route

Uma Kannan, Feb 26, 2017, Bengaluru, DHNS 22:55 IST
With wider reach of insurance products and the convenience of dematerialisation of policies, insurance repositories (IR) are slowly gaining prominence, and the industry is shifting to the electronic mode.

The Insurance Regulatory and Development Authority of India (IRDAI) granted IR licences in 2013, to five companies, of which, one exited from the business. These repositories maintain data of insurance policies in electronic form on behalf of insurers.

One of the repositories is NSDL NIR (National Insurance Repository), and its Senior Vice President Sameer Gupte said, “The insurance repository is envisaged to cater to the lacunae of holding a policy in physical form and helps the policyholder with a consolidated view of its policies.”

“In case of any claim, there is no need to look out for the original insurance policy, as it can be easily accessed through the e-Insurance Account (eIA). Also, in electronic format, there is no need to submit any additional KYC document, every time one buys a policy,” says CAMS Insurance Repository Services CEO S V Ramanan, adding that if an individual opens an eIA, he/she can request online for all policies to be converted into electronic form.

NSDL NIR is working closely with insurers so that policies are issued in electronic form instead of printing and dispatching of physical policies. “Repository services are also offered to the customer through a network of approved persons. NIR has 70 approved persons providing services from over 8,500 service centres,” Gupte said.

Talking about monetisation, Ramanan said that insurers will pay insurance repositories from their savings. “These are early days for the concept, and the revenue from this stream is negligible,” he said.

Close to three lakh people have eIA with CAMS. “The opportunity is still large and we look forward to more people adopting to the digital way of life insurance,” he said.

Insurance repositories are not devoid of any challenges, and Gupte pointed out that insurance is a push product and the agent/sales force is the face of the industry.

“Though incorrect, it seems that the agent/sales force of this industry has a notion that with the advent of electronic policy and insurance repository, it will reduce its touch with the customer, and thus agents are hesitant to push the IR initiative. This needs to be addressed.”

Both opine that with increased benefits to all stake holders, it is evident that IR will become a way of life in the near future.

Go to Top

Photo Gallery
Prime Minister Narendra Modi being welcomed, on his arrival at Joint Base Andrews, Washington...

Prime Minister Narendra Modi being welcomed, on his arrival at Joint Base Andrews, Washington...

Senior CRPF and police officers carrying the coffin of SI/GD Sahab Shukla after wreath laying...

Senior CRPF and police officers carrying the coffin of SI/GD Sahab Shukla after wreath laying...

Senior BJP MLA Ghanshyam Tiwari stages 'satyagraha' against Rajasthan Chief Minister Vasundhara...

Senior BJP MLA Ghanshyam Tiwari stages 'satyagraha' against Rajasthan Chief Minister Vasundhara...

Hindu devotees pull the 'Rath' or the chariot of Lord Jagannath, during the annual Rath Yatra, or...

Hindu devotees pull the 'Rath' or the chariot of Lord Jagannath, during the annual Rath Yatra, or...

Acclaimed Odissi dancer Dona Ganguly's troupe performs during 46th ISKCON Rath Yatra of Lord...

Acclaimed Odissi dancer Dona Ganguly's troupe performs during 46th ISKCON Rath Yatra of Lord...

Switzerland's Roger Federer celebrates his victory in the final match against Germany's Alexander...

Switzerland's Roger Federer celebrates his victory in the final match against Germany's Alexander...

French Air Force Patrouille de France air demonstration teams take part in flying display during...

French Air Force Patrouille de France air demonstration teams take part in flying display during...

Penitents and costaleros of the Nuestro Padre Jesus Nazareno brotherhood carry a float bearing...

Penitents and costaleros of the Nuestro Padre Jesus Nazareno brotherhood carry a float bearing...

Over 10,000 Chinese yoga enthusiasts in Wuxi, a city near Shanghai in eastern China, took part in...

Over 10,000 Chinese yoga enthusiasts in Wuxi, a city near Shanghai in eastern China, took part in...

A student band dressed as Star Wars storm troopers hold their instruments during the walk...

A student band dressed as Star Wars storm troopers hold their instruments during the walk...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.