Computer Age Management Services Limited (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.
Key details of the agreement:
- LIC policies can now be issued in electronic format through e-Insurance Accounts (eIA) opened with CAMSREP.
- CAMSREP, licensed by IRDAI, currently services over 1 crore policies in electronic format.
- CAMSREP's platform, Bima Central, supports eIA holders with features like policy renewals, personal detail updates, and service requests.
- Bima Central has 4.5 lakh active users and processes approximately 1 lakh service requests per month.
- Bima Central is available in English, Hindi, and Telugu, accessible via web, Android, and iOS applications.