Insurance Repository System (IRS) which facilitates
customers to convert their traditional paper policies into electronic format,
likely to introduce conversion of health and motor insurance policies by
December this year.
IRDA's Insurance Repository System is the first of its kind in the world, which was launched in September 2013 by then Finance Minister, Mr. P. Chidambaram. IRDA has provided insurance repository licenses to five companies i.e. - Central Insurance Repository Limited, NSDL Database Management Limited, Karvy Insurance Repository Limited, CAMS Repository Services Limited and SHCIL Projects Limited.
Presently, the Insurance Repositories only convert life insurance into e-insurance.
“We are going to complete one year in September and with low awareness the growth is slower and mostly concentrated in the urban areas. However, we expect the growth pace to increase after the regulator makes e-insurance mandatory. We expect the decision in another one year", Karvy Insurance Repository Executive Director Mr. Viiveck Verma said.
IRDA's Insurance Repository System is the first of its kind in the world, which was launched in September 2013 by then Finance Minister, Mr. P. Chidambaram. IRDA has provided insurance repository licenses to five companies i.e. - Central Insurance Repository Limited, NSDL Database Management Limited, Karvy Insurance Repository Limited, CAMS Repository Services Limited and SHCIL Projects Limited.
Presently, the Insurance Repositories only convert life insurance into e-insurance.
“We are going to complete one year in September and with low awareness the growth is slower and mostly concentrated in the urban areas. However, we expect the growth pace to increase after the regulator makes e-insurance mandatory. We expect the decision in another one year", Karvy Insurance Repository Executive Director Mr. Viiveck Verma said.
Source: http://www.insuringindia.com
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