Insurance Repositories In India: A Digital Path To Simplified Policy Management

This study explores the growth potential and role of digital repositories in the Indian insurance industry, focusing on how e-Insurance Accounts (eIAs) simplify policy management and enhance customer engagement. By providing centralized access to policy information, these repositories facilitate faster claims processing, reduce paperwork, and improve overall convenience for policyholders. The study examines four leading insurance repositories: NSDL Database Management Limited (NDML), CAMS Repository Services Limited (CAMSRep), Karvy Insurance Repository Limited (KIRL), and Central Insurance Repository Limited (CIRL), which collectively manage millions of e-Insurance accounts and policies. These repositories, operating under the Insurance Regulatory and Development Authority of India (IRDAI), play a crucial role in facilitating the digital management of insurance policies. By offering secure, centralized platforms, they streamline policy administration, enhance customer convenience, and support the broader digitalization efforts within the Indian insurance sector. A qualitative research methodology was employed, utilizing data from official annual reports and service documents from insurance repositories. The study also reviewed trends in policy digitalization and repository growth, focusing on user experiences and system efficiencies. Despite the benefits, challenges such as limited awareness, low digital literacy, and concerns over data security hinder wider adoption of e-Insurance Accounts. The findings highlight the transformative impact of digital repositories in the Indian insurance sector and the need for strategies to promote smoother transitions to digital platforms, ensuring enhanced customer satisfaction and operational efficiency.