CAMSRep unveils inventive policyholder traceability solution for insurance market

23 Mar 2022 , 05:02 PM

India's leading insurance repository, CAMS Insurance Repository Services Ltd (CAMSRep), has announced the launch of Deep Contact Tracing. This new offering assists Insurance companies in addressing their Unclaimed amounts, a long-standing problem of the Insurance industry.

Insurance companies have been grappling with the problem of contact tracing spanning over several years unable to deliver the claim amount to policyholders. As a result, the number of policies and the unclaimed amounts in the Life Insurance Industry continues to rise year after year. Insurers also are diligent in ensuring that such unclaimed amounts are paid out only to the rightful claimants which involve painstaking efforts often through in-person visits and tracing.

The entire delay in tracing policyholders or their claimants, contacting them, validating their identity and bank account details are onerous processes. While Insurance companies continue to find different means to locate long-lost clients, CAMSRep’s has launched industry first PolicyGenie Deep Contact Tracing product, an efficient and cost-effective solution leveraging emerging digital technologies.

Explaining the launch of PolicyGenie Deep Contact Tracing Mr. Ravi Kiran, Director, CAMSRep said, “The Unclaimed amount of the Life Insurance Industry has crossed Rs. 25,000 Crores and growing. Using a combination of proprietary algorithms and advanced digital search, we assist Insurance companies to find the rightful claimants of these unclaimed amounts. We have seen initial success rates of 11-25% in tracing policyholders with policies issued 5 to 20 years earlier.”

Using the proprietary contact engine, PolicyGenie Deep Contact Tracing tracks the untraceable policyholders and updates their contact information. Contact search, NRI contact tracing, interactive communication, and adaptive phygital engagement with policyholders are part of this comprehensive offering. The multi-layered phygital traceability begins with digital contact tracing and progresses to feet on the street agents, among other things. The service scans multiple data sources and updates policy holders’ contact information within minutes.

The inventive system is finding quick acceptance among insurance companies and is likely to change the way the Insurance industry tracks and connects with their customers, while decreasing the quantum of unclaimed amount.