Karvy launches Insurance Repository business

The policyholders can choose one of the 5 repositories and open an e-insurance account. The policyholder is permitted to open only one e Insurance account

September 16, 2013 3:55 IST | India Infoline News Service
Karvy, one of India’s leading financial services enterprise in the country, today launched its insurance repository arm called ‘Karvy Insurance Repository (KINREP). KINREP which has received its approval from IRDA as an Insurance Repository (IR), is the only IR to be certified for ISO 27001, which provides policyholders a facility to buy and hold insurance policies in electronic form. The policyholders can choose one of the 5 repositories and open an e-insurance account. The policyholder is permitted to open only one e Insurance account.

Insurance Repository
Life insurance policies are about protecting your dear ones with adequate cover and ensuring that the ‘cover’ acts as effective as you do, in your absence. However, past data indicates that although right policy covers are taken, many policyholders regret posthumously because the gains could not be passed on to their legal heirs. Why? Either because their family members are unaware of the policy details or policy papers are lost, misplaced, forgotten or even destroyed.
We are in an age that boasts only about going online, going green, going mobile and so on. In an age where technology has made it possible to get almost everything transacted digitally, where going green is the mantra, why then  should an important matter like insurance be in an archaic paper form. Then why can’t all these happen to our insurance policies? Well, The insurance regulator indeed thought in on similar lines and brought electronic conversion of insurance policies and appointed 5 Insurance Repositories to execute the idea across the country. 
Simply put, Insurance Repositories capture KYC data, convert the policies into electronic mode, protect them and take care of the ongoing servicing needs of policyholders. They do this by opening an e-Insurance Account and tagging the insurance policies into this account.
Currently, in India nearly 333 million life insurance policies and 90 million general insurance policies are in force and an insurance repository is a step ahead for the industry that is keen to expand.

This kind of implementation is first of its kind in the Planet. Because there is no similar benchmark in the rest of the world, the repositories face an uphill task of conceptualizing, implementing such a massive scale rollout. 
This initiative by IRDA has the potential to save 180 Cr pages annually and make the planet greener.
On the launch of the repository arm, C. Parthasarathy, Chairman, Karvy Group said, “Karvy is well positioned in terms of technology, operations, service network and marketing capability to run this business with the benefit of low cost and huge geographical reach. Karvy has created the best technology platform for insurers, policy holders and other intermediaries“

Viiveck Verma, Executive Director, Karvy Insurance Repository Ltd. said, “Karvy is present across 400 locations in India. We manage a customer base in excess of 33 crore and our branch network attracts over 40,000 footfalls daily. Therefore customers will find it very convenient to open and maintain the e-Accounts.. This will enhance security and comfort for the customer”.

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