CAMS Insurance Repository Services Signs Agreement with Life Insurance Corporation of India for Electronic Insurance Policies

Computer Age Management Services Ltd (CAMS) announced that its wholly owned subsidiary, CAMS Insurance Repository Services Limited (CAMSREP), has signed an agreement with Life Insurance Corporation of India (LIC) to provide Insurance Repository Services. This agreement will enable LIC, the country's largest life insurer, to issue insurance policies in electronic (dematerialised) format through e-Insurance Accounts (elA) that can be opened with CAMSREP. CAMSREP, one of the first repositories to get IRDAI license, has been working towards digital transformation of insurance experience for the past decade and is servicing over one crore policies in the electronic format. CAMSRep has also invested in digital transformation opportunity and has built the first ever integrated industry benefit realisation platform— Bima Central for its elA holders. Bima Central enables elA holders to maintain their insurance portfolio as well as avail services from insurers like renewal payment, updation of personal details and raise policy servicing requests. Bima Central is available in Hindi & Telugu, apart from English and can be accessed via Web, Android & iOS applications. Within few quarters of launch, it has garnered 4.5 lakh active users and now processing close to 1 lakh service requests per month on this platform.