Repository is an organization formed and registered under the Companies Act 1956 and also, it has been granted a certificate of registration by IRDA for maintaining insurance policies data in electronic form on behalf of insurance companies in India. Insurance Regulatory and Development Authority has granted registration certificate to the below mentioned entities to implement the insurance repository system:
• NSDL Database Management Limited
• Central Insurance Repository Limited
• SHCIL Projects Limited
• Karvy Insurance Repository Limited
• CAMS Repository Services Limited
Objective of Insurance Objectory
Insurance repository is created to give insured people a service to maintain policies in electronic form as well as to undertake modifications, revisions and changes in the policy with accuracy and speed. It is a one stop solution for various policy service needs. Also, this system gives transparency and efficiency in the maintenance and issuance of policies.
Policyholders have to submit an e-insurance account application form to open an e-insurance account with the insurance repository. People can have this form from any insurance company, an approved person or insurance repository. This account will have a unique account number and accountholders will get a unique login id and password to access these accounts where electronic policies are stored online. These e-insurance accounts are given at ‘zero cost’ to the applicants.
Along with e-insurance account form, policyholders will have to submit some necessary documents such as photo id, passport-size photograph, address proof and cancelled cheque in case of NEFT/ECS services for premium payment.
Submit these documents to the insurance repository office or insurer or authorized person approved by insurance repository. When your e-insurance account is opened, then you will get a welcome kit. A pin mailer shall be separately provided. You can access your account using the login credentials and PIN.
Send a service request to the Insurance Repository or the authorized person or insurer to convert the existing policies into electronic form. Accountholders will get updates from the insurance repository on the status of the request. When you buy a new policy in electronic form, then mention your unique e-insurance account number in new insurance application form and request to issue electronic policy. e-Insurance accountholders have a choice to switch from one insurance repository to the other and all policy details along with transaction history would then be transferred to the new insurance repository.