CAMS Insurance Repository Services Ltd to facilitate issue of insurance policies in electronic mode

Insurance Regulatory and Development Authority of India ("IRDAI") has notified the Insurance Regulatory and Development Authority of India (Protection of Policyholders' Interests and Allied Matters of Insurers) Regulations, 2024 which has mandated the issuance of insurance policies by insurance companies in electronic form with effect from 1st April 2024.

CAMS Insurance Repository Services Limited, ("CAMSREP") one of the wholly owned subsidiaries of the company is an IRDAI registered Insurance Repository and is facilitating the issuance of policies in the electronic mode.

CAMSREP incorporated in the year 2011 is presently the second largest repository in the country with 60 lakhs (sixty lakhs) e Insurance accounts (eIA) and 72lac (seventy-two lakhs) electronic policies maintained in its repository. CAMSREP is engaged with 45 + insurers both life and non-life insurers for their electronic policy issuance. The company is also in the process of establishing Bima Central platform as an industry solution to facilitate policyholder transaction from a single platform.

Shares of Computer Age Management Services Limited was last trading in BSE at Rs. 2992.95 as compared to the previous close of Rs. 2915.35. The total number of shares traded during the day was 5763 in over 1074 trades.

The stock hit an intraday high of Rs. 3020.00 and intraday low of 2945.05. The net turnover during the day was Rs. 17187122.00.

Source : Equity Bulls

Keywords

ComputerAgeManagementServices INE596I01012 CAMSInsuranceRepositoryServices IRDAIRegistered InsurancePolicy ElectronicMode