Keep all the Insurance policies in electronic form with Insurance Repository

e-insurance

Till now, insurance policies were issued in physical mode only, whether a policyholder submits a proposal in physical form or online. Further, the policyholder was required to go to the respective Insurer’s office for all the policy servicing needs. Owing to this, the entire process was cumbersome, time consuming and involving incidental expenses. Since all the policies were issued in physical form and not usually collated at a single location, the matter got even more complicated on untimely demise of the policyholder. The dependents normally had hard time in identifying all the insurance policies and making claims with various insurance companies.

In order to overcome this difficulty and to collate and keep a safe custody of all the insurance policies of an individual at a single location, de-materialization of insurance policies is conceived. The insurance policies including the existing ones can be converted in an electronic form and held with an ‘Insurance Repository’.

Role & Objectives of Insurance Repositories:
“Insurance Repository” means a company formed and registered under the Companies Act, 1956 and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in electronic form on behalf of Insurers.
To implement the Insurance Repository System, IRDA has granted Certificate of Registration to the following five entities to act as Insurance

Repositories.
NSDL Database Management Limited
Central Insurance Repository Limited
SHCIL Projects Limited
Karvy Insurance Repository Limited
CAMS Repository Services Limited

A policy holder can buy and keep all the policies under an electronic Insurance Account (eIA) with any one of the Insurance Repository of his/her choice. The existing policies in physical mode too can be dematerialized and held in the eIA. The access to all the policies is then available at a click of a button. The Insurance Repository System not only provides policyholders a facility to keep insurance policies in electronic form but also enables them to undertake changes, modifications and revisions in the insurance policies with speed and accuracy. In addition, the Repository acts as a ‘single stop shop’ for policy servicing.