Insurance Repository Registration
Digitailze your insurance policies and get real time verfications/update done in no time. One must aquire Insurance Repository License to maintane and update insurance policy. Enjoy simple processing, fast updates, and, best of all, no hidden fees.
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Promising business vertical in India due to growth and returns scale witnessed by demographic status. Countrymen are now more educated and showing concern on reducing the risk of human life and its most loved non-life assets in their kitty. The growth of Insurance Company and its business is exponential. Business environment is further supported by Government initiatives on digitalization of business process and increase in the limit of foreign direct investment in Insurance Company.
Obviously it can be placed as an instrumental to explore more and wide market ahead.
Unlike earlier, the paper policy is been more accident prone like missing, tearing, spoiling and so on if the precaution is not built upfront at par. Therefore Authority as well as its stakeholders including market participants are regularly working to enhance the user experience and accordingly to avoid or reduce the use of Insurance Policy on paper. Now authority with different guidelines and regulations, open the space for budding entrepreneurs to work on digitalization of insurance paper. This is another welcoming and appreciating step towards the digitalization of entire concept of Insurance Industry. It is playing crucial role to serve the Indian Insurance Market.
What is Insurance Repository?
Insurance Repository means company formed and registered under the Companies Act, 2013 as a public company and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDAI) for insurance policies data management in electronic form on behalf of Insurers. It provides ease of holding insurance policies issued in electronic form.
Object of Insurance Repository:
The single sole objective of launching this segment is to provide policyholders a facility to keep insurance policies in electronic form and to undertake the changes, modification and revisions in the insurance policy to fasten the regular speed and accuracy more precisely in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.
Terms to Know
- Applicant: Only public limited company can be applicant incorporated with at least INR 5 lakh as capital, with Net Owned Fund requirements of INR 25 Crore at the time of application for the registration as an Insurance Repository.
- E-Insurance Account (eIA): It is an electronic account opened by a person with an insurance repository wherein the portfolios of insurance policies of a policyholders are held in an electronic form.
- E-insurance policy (eIP): it means policy document which is an evidence of insurance contract issued by an insurer digitally signed in accordance with applicable provision. Further, it is issued in an electronic form either directly to the policyholder or through the platform of registered insurance repository.
- Insurance Transaction Exchange, in short “iTrex” is a central index server that offers de-duplication services and acts as a messaging hub between entities creating eIAs, electronic policies and their servicing. It shall be maintained and managed by the Insurance Information Bureau of India (IIBI). It work as a KYC repository among the stakeholders.
- Shell-Insurance Account (s-IA): It is an electronic account wherein the brief portfolio of insurance policies of policyholders (including prospective) like Name, Date of Birth, Address and Policy Number is held in an electronic form with iTrex.
- Approved person: it means an entity appointed by an insurance repository as its agent to perform certain assigned tasks in relation to and incidental to the functions of insurance repository.
Benefits
Digital has also lacuna but gives huge ease of doing activity too. A few of the benefits tilted towards the policyholders are listed below:-
- Single request contact details updation
- Premium alerts and payments for all insurers
- Increased number of service touch points
- Ease in registering bank account details for premium payments and payouts
- One time Know your customer updation
- Storage of policy in e-format
- All insurance policies under one umbrella
- Consolidated insurance statement on an annual basis
- Single view of all policies
- 1One time claim intimation
Eligibility Criteria
Only Company can apply for registration and that too only public limited company duly incorporated as per the provision laid down under Companies Act, 2013 for registration of public limited company. Further it can be public financial institution, wholly owned subsidiary of an existing depository registered with Securities and Exchange Board of India or Company fully promoted by either life insurance council or general insurance council or by both together or jointly with any of above.
Applicant name shall consist “Insurance Repository” in the name of its company to reflect the proposed activities of the company. The object of such company shall be to act as an insurance repository of e-insurance policies issued by insurers and to undertake changes, modification,s and revisions in such e-insurance policies as may be authorized by the insurer based on the request by the policyholders.
The net worth of the applicant, on grant of in-principal approval by the Authority, shall be at least INR 25 Crore.
The applicant or its promoters shall have demonstrated competence and experience of similar activities, volumes, and technology. Further, they shall have proven financial and organizational strength to undertake and execute the project.
Most precisely the applicant shall have no foreign direct investment.
Registration Process
Authority shall have power to limit the number of insurance repositories and shall call for “Request for Proposals” as and when deemed necessary. On calling for “Request for Proposal” an application for the grant of certificate of registration as an “Insurance Repository” shall be made to the authority in Form Insurance Repository -1. The application shall be accompanied by a non-refundable processing fees of INR 10,000/- drawn on IRDA, Hyderabad.
Unlike other, once the applicant clear the eligibility criteria and requirements documents/information are in order, true and correct the authority will issue in-principal approval where it has to develop the following niche things for this business
- Automatic data processing system
- Network of communication
- Standard transmission and encryption formats
- Physical or electronic access to premises, facilities, automatic data processing system, data storage and so on
- Detailed operation manual
- Adequate procedures and facilities to ensure data safety and back up in place for Business Continuity
And provide the affidavit to authority in addition to Registration Fees INR 1, 00,000/- drawn in favor of IRDA, Hyderabad within 15 days of receipt of intimation from the authority. However, one physical visit is mandatory before providing certificate of authorization from IRDAI at the place where the entire arrangement is made by the applicant.
Validation of Registration:
The certificate of authorization provided to the applicant is valid only for Three years and then after again the applicant is required to file an application for renewal of a license to carry on the business of insurance repository.
Application for renewal shall be made at least 60 days prior to the expiry of the certificate of registration in Form – Insurance Repository 1 with payment of INR 50,000 in favor of “Insurance Regulatory and Development Authority of India”, payable at Hyderabad
Statistically:
Numerically as of date only 5 entity has got the registration of certificate from authority. Namely:-
- NSDL Database Management Limited
- Central Insurance Repository Limited
- SHCIL Projects Limited
- Karvy Insurance Repository Limited
- CAMS Repository Services Limited
All five entity is termed as Insurance Repository.
Connect With Corpseed
Connect with the Corpseed team to discuss your requirements at IVR: 7558640644 or hello@corpseed.com. It takes 20–25 minutes to discuss the requirement.
Dedicated Manager
Once you discuss the requirement, we will align a dedicated Account Manager to understand your business needs and assist throughout the process.
Real Time Update
Track the progress of your application and always know what’s in progress and what’s done.
Job Completed
Once the job is completed, you will receive registrations & certifications directly to your email ID and at your doorstep.
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