Kochi: Life Insurance policy-holders in Kochi will have an opportunity to take an innovative step, becoming tech-savvy, by converting their physical life insurance policies into electronic form.
CAMS Repository Services Ltd. (CAMSRep), an Insurance repository subsidiary of CAMS, is organising a first-of-its-kind Town Hall Meet on June 20, 2015, for life Insurance policy-holders and would take them through the benefits of electronic insurance policies and its key role in bringing efficiency and transparency to the life insurance industry.
In a release, S V Ramanan, CEO, CAMSRep said, “Our initiative to help create awareness about the benefits of electronic insurance policies and initiate transformation of physical life insurance policies into electronic form, aligns with Kerala Government’s focus and thrust towards embracing technology. Kerala enjoys by far the highest literacy rate in the country and the state being tech-savvy would help life insurance industry to foment increased efficiency and transparency for policy-holders in the State.”
“Conversion of physical policy into electronic form and adoption of technology in the insurance industry will further help reinforce insurance penetration and enable last mile connectivity. Kerala, with its significant insurance penetration within NRI fraternity, interest towards electronic conversion of insurance policy in the state would be higher,” he added.
Policyholders have the option of visiting CAMSRep website or at the town-hall venue, to register for participation to get their physical life insurance policies into electronic form. Life Insurance companies in association with CAMSRep have come together to create awareness and organise the Town Hall meet at The Senate, Province Road, Opposite PNVM Hospital in Ernakulam.
The electronic life insurance policies will give policyholders a single platform which is safe, eliminating use of paper and storage risk, easy service independent of agents and increase efficiency, transparency and ease of maintenance.
Since the introduction of e-Insurance in India, CAMSRep has seen a 400% rise in its e-insurance accounts from 30,000 accounts during 2013-14 to 1.5 lakh accounts during 2014-15.
CAMS Repository Services Limited (CAMSRep) is a subsidiary of Computer Age Management Services Private Limited (CAMS), India’s premier Registrar & Transfer Agency. The Organisation is focused on Insurance Repository and Insurance Outsourcing.
Kerala Biz News