CAMS Insurance Repository Services (CAMSRep), a leading provider of insurance repository services, has launched Bima Central, a groundbreaking platform designed to simplify insurance portfolio management.
Key highlights :
- The inaugural policyholder servicing platform in the industry empowers customers to consolidate and oversee their insurance holdings via an electronic Insurance Account (eIA).
- With a current user base of 7 million eIA holders, CAMSRep enables immediate access to Bima Central for a range of services.
- Integrations with top insurers are swiftly advancing.
Recognizing the challenges faced by policyholders who acquire policies from various sources, Bima Central empowers users by streamlining and consolidating policy benefits, ensuring preparedness for claims, and providing easy access to policy servicing.
Through their secure eInsurance Account (eIA), Bima Central enables users to manage Life, Health, and Motor policies. Any policyholder who has opened an eIA with CAMSRep will gain access to Bima Central, offering features such as simplified policy information, renewal reminders, management of personal and nominee data, a policy calendar, and more. New users can instantly open an eInsurance Account (eIA) on Bima Central after completing KYC.
The current interface of Bima Central is available in English and Hindi on Android, iOS, and the web portal. Vivek Bengani, CEO of CAMSRep, emphasized the need for Bima Central to simplify insurance benefits realization.
SBI General led the integration, with other insurers like ICICI Prudential Life, Star Union Daichi Life, TATA AIA, and Aditya Birla Health joining in. Mr. G. Srinivasan, ex-CMD of New India Assurance & United India Insurance, sees promise in IRDAI’s digital directives for platforms like Bima Central.
Over the past 14 years, CAMSRep has collaborated with insurers on industry challenges. It introduced a digital deep contact tracing service, adopted by over 10 life insurers. Recently, through IRDAI Sandbox, it partnered with SBI Life to develop a digital assignment platform, now integrated into Bima Central.
Besides insurers, CAMSRep works with InsurTechs and other service providers to expand the ecosystem, enhancing policyholder experience. Within 30 days of launch, Bima Central’s website saw over 1 lakh eIA users, with over 25,000 app downloads and processing 2000+ service requests daily.