E Insurance by IRDA is a progressive taken to change the traditional ways in which insurances were done. This entire project was challenging, compelling and most importantly imperative. We at Arihant knew its significance this is why we are in it committedly to ensure its success.
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To give you an idea what this project was and why it was important here is brief history, earlier, Insurance policies were issued in physical mode only, irrespective of 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.
what is e Insurance: 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.
In case of any natural climatically hazards like flood, volcanoes, thunderstorms etc we need not to keep the physical copy of our insurance. The access to all the policies is then available at a click of a button. 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 www.nir.ndml.in
Central Insurance Repository Limited – www.cirl.co.in
SHCIL Projects Limited– – www.shcilir.com
Karvy Insurance Repository Limited – www.kinrep.com
CAMS Repository Services Limited – www.camsrepository.com
In addition, the Repository acts as a ‘single stop shop’ for policy servicing.
We ARIHANT SOLUTIONS were in contact with these ‘Insurance Repository’ for complete implementation of this project of IRDA. ‘Insurance Repository’ had to hire the “approved persons” for the complete ground work like campaigning. We provided the efficient approved persons to the Insurance Repositories in PAN INDIA.