Vivek Bengani, CEO of CAMS Repository

India’s insurance coverage regulator (Irdai) is making issues digital! From April 1, 2024, all insurance coverage insurance policies can be issued electronically. Here is a breakdown:

What’s e-insurance?

It is managing your insurance policy (life, well being, and so forth.) electronically in a safe on-line account known as an e-Insurance coverage Account (EIA).

Why is it good?

No extra paperwork! View, obtain, and handle all insurance policies in a single place.

Much less danger of dropping paperwork in comparison with bodily copies.

Replace particulars as soon as in your EIA and it displays throughout all linked insurance policies.

Simply monitor coverage particulars and renewal dates.

The Insurance coverage Regulatory and Growth Authority of India (Irdai) lately launched the “Safety of Policyholder Curiosity” Regulation 2024, efficient from April 1, 2024. This regulation mandates the conversion of all insurance coverage insurance policies into digital format. In an e-mail interview with Enterprise Commonplace, Vivek Bengani, CEO of CAMS Repository, sheds mild on the implications of e-insurance, addressing issues starting from operational safety to the battle towards scams.

1. Is holding an e-insurance coverage obligatory for all policyholders?

“It’s now obligatory for all insurance policies to be issued in digital type, regardless of the appliance methodology. This initiative not solely presents comfort but in addition considerably will increase the safety and administration of policyholder portfolios,” Bengani mentioned.

He identified that almost all of personal life insurance coverage firms and non-life insurers have accepted the digital Insurance coverage Account (eIA) mechanism, actively encouraging policyholders to digitise their coverage holdings.

2. A number of prospects have reported receiving emails from PolicyGenie by CAMS Repository containing delicate data similar to PAN, telephone quantity, and identify. Are you able to verify the authenticity of those communications and advise on the suitable steps recipients ought to take?

In response to the rising issues over e mail scams, Bengani reassures policyholders, “The emails from PolicyGenie by CAMS Repository are a part of our efforts to onboard policyholders onto the eIA platform, adhering strictly to the communication protocol outlined by Irdai. Our strong safety mechanism ensures the safety of buyer knowledge always.”

3. What are the crimson flags for a pretend mail? What ought to individuals do to guard their knowledge?

As an Insurance coverage Repository, CAMS Rep won’t ever ship any gross sales or advertising communication to eIA holders attractive them to buy insurance coverage or pay any cash. eIA and fundamental companies supplied are freed from cost for the policyholder. CAMS Rep (or any IR) has the mandate to keep up insurance policies in digital type and assist policyholders realise the utmost profit from their insurance coverage portfolio. We don’t name our prospects searching for private data.

If prospects see any deviation from these norms, they will and will instantly join with our helpline or assist e mail to tell us. CAMS Rep maintains detailed information of all communications despatched to its prospects and is periodically audited by Irdai to make sure safety requirements are complied with.

4. What are the first benefits of transitioning to an e-insurance coverage from conventional paper-based insurance policies?

The transition to e-insurance isn’t merely about digital conversion but in addition about considerably enhancing the policyholder expertise. Bengani explains, “Holding an e-policy supplies unmatched safety and the comfort of managing a complete insurance coverage portfolio in a single place.”

“We have now seen many situations the place policyholders transfer out of India and discover this mechanism so useful. Many insurers have been in a position to connect with their policyholders and settle unclaimed quantities as they might discover up to date contact particulars by way of eIA,” he mentioned.

5. How does the consolidation of insurance coverage insurance policies into an e-insurance account profit the policyholder when it comes to administration and oversight?

With the consolidation of insurance coverage insurance policies right into a single e-insurance account, policyholders achieve a stage of oversight and administration beforehand unattainable. “Our platform, Bima Central, is proof of the convenience of use and administration it presents to policyholders,” Bengani provides.

“Our 7 million prospects may have entry to Bima Central, which is a first-ever built-in & aggregated profit realisation platform. It permits the eIA holders to view their consolidated advantages (throughout insurance policies), renew insurance policies, replace nominees, and financial institution accounts on their insurance policies in real-time with insurers. As insurers are getting onboarded, there are new use circumstances like coverage mortgage, premium financing, declare readiness getting added to the platform,” he mentioned.

6. Might you define the safety measures in place to guard policyholders’ data throughout the e-insurance system?

Addressing safety issues, Bengani assures, “We’re an ISO 27001 Licensed Firm, so we make sure that all safety controls are maintained, following all needed norms and circumstances. Information saved in our servers are encrypted. All safety management measures are examined regularly. This consists of two-factor authentication for login, common VAPT Testing (Vulnerability Evaluation Penetration Testing) to evaluate rising cyber threats, darkish hint, and so forth., to make sure that our servers, community, knowledge, and purposes are safe always. Robust inner management and governance in place by way of a Board accepted cybersecurity and disaster administration coverage. In reality, CAMSRep was the primary Insurance coverage Repository to finish the cybersecurity audit as per Irdai’s newest infosec tips in 2023.”

7. Are there any price implications for policyholders when changing current insurance policies to e-insurance insurance policies?

“Opening an e-Insurance coverage Account and changing to e-Insurance policies are supplied for free of charge to the client. We goal to make the transition as seamless and cost-effective as attainable for all policyholders,” he mentioned.

First Printed: Mar 27 2024 | 4:33 PM IST