CAMSRep Unveils Bima Central, India's First Insurance Portfolio Management Platform

CAMSRep (CAMS Insurance Repository Services) has unveiled Bima Central, a one-stop platform for simplifying insurance portfolio management.
With most policyholders who purchase policies from a variety of sources finding it a challenge to manage these policies, Bima Central now empowers them by simplifying and aggregating policy benefits, ensuring claim-readiness, and easy access to policy servicing.

Bima Central allows users to manage Life, Health, and Motor policies through their secure e-Insurance Account (eIA). Any policyholder who has opened their eIA with CAMSRep will get access to Bima Central for managing their policies with various insurers, with features such as simplified policy information, renewals and reminders, profile management of personal data and nominee information, policy calendar, and more.

Those who want to open their new e-Insurance Account (eIA) will be able to do so instantly on Bima Central after completing KYC. The current interface is available in English and Hindi on Android, iOS as well as Web portals.

Vivek Bengani, chief executive officer (CEO) of CAMSRep said, “We took the initiative and worked with insurers in understanding the post-purchase journey for creating suitable use cases to solve challenges. Bima Central is a result of this collaboration. CAMSRep’s 7 million eIA holders can immediately start using Bima Central for various services while other policyholders can initiate a new eIA on Bima Central to start realising the benefits.”

SBI General has been the anchor insurer right from the research and design phase, completing two-way integration with Bima Central and enabling Bima Central services on their mobile app. ICICI Prudential Life, Star Union Daichi Life, TATA AIA and Aditya Birla Health and many other insurers have come together in developing multiple use cases, data standard and processes and are now at various stages of integrating their services with Bima Central.

"It is early days for Bima Central as the road to transforming policyholder experience is long. The good news is Irdai’s recent directive on electronic issuance as well as general push towards digital technology is creating a conducive environment for such platforms to grow,” said G. Srinivasan, ex-CMD New India Assurance and United India Insurance.

Recently, through Irdai Sandbox, CAMSRep partnered with SBI Life to develop a digital assignment platform for electronic policies. This digital assignment facility will now be part of Bima Central.

In the first 30 days since launch, over 1 lakh eIA holders have used the Bima Central website, more than 25,000 have downloaded the mobile app, and the platform is processing over 2000 service requests a day.