Second notable win for India’s only insurance portfolio management platform
- ICICI Prudential Life Insurance policyholders who have their eIA with CAMS
Insurance Repository (CAMSRep) will be able to make their renewal payment,
update/change nominees in their policy as well as other personal details in real-time. - Bima Central, the digital policyholder servicing platform of CAMSRep, after
integrating with SBI General has now on-boarded the first life insurance partner for
providing real-time policy servicing, helping it take the active user base to 4.5lacs and
monthly transaction count to more than 80,000.
7 th Feb 2025, Chennai – CAMSRep’s in its on-going effort to improve the insurance repository value proposition, has now expanded Bima Central servicing capabilities through a direct integration with ICICI Prudential Life, one of the largest private life insurers, for real- time policy services. This integration enables CAMSRep eIA holders to make renewal payment, change their personal details, as well as update bank account and nominee/appointee in real-time on their ICICI Prudential Life policies.
This direct integration now ensures that any changes or transactions done by policyholders
at ICICI Prudential Life service points will also get updated in digital policies held in their eIA, thereby ensuring data consistency between insurer and insurance repository.
“We are single-mindedly working to improve policyholder experience and our collaboration
with ICICI Prudential Life has given us the strong momentum to expand the services on
Bima Central for eIA holders” said Vivek Bengani, CEO, CAMS Insurance Repository.
In the coming months, more such services as well as special use cases like digital
assignment, grievance management and claims reporting, will get enabled on the platform.
CAMSRep and ICICI Prudential Life Customer Service & IT teams worked together to create a seamless journey ensuring all validation and compliance checks are executed in real-time and avoid duplication of effort. Data security and all risk and compliance provisions have been adhered to, to make sure that customer data as well as process integrity is always maintained.
Mr. Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance, said
“ICICI Prudential Life Insurance is focused on delivering enhanced customer experience by
simplifying processes. We believe providing convenience to our customers is the key to
building long-term relationships. Our collaboration with Bima Central empowers our
customers to make their premiums payments in a hassle-free and secure manner. Besides,
enabling them to execute service requests on a real-time basis. The Bima Central platform
will aid our customers to easily manage their policies, effectively acting as an anytime
anywhere service touchpoint.”
Mr. Banker, further added, “Life insurance is a long-term product therefore we urge
customers to hold their policies in the dematerialised form. This mitigates the challenges
associated with loss or damage of the physical policy document.”
For nominee/appointee change, Bima Central has integrated with DigiLocker for customer’s
Aadhaar based KYC verification. For bank account update, it uses AI-OCR tech to read the
cancelled cheque image and then does a penny-drop validation through CAMSPay APIs. Allthe data including the cheque images are passed on to the insurer and a full audit-trail is
maintained for future reference.
Bima Central has a renewal reminder service for all policies in eIA, where eIA holders get
notified about due renewals 30 days and 15 days in advance. Users can then login to pay
renewals on this platform for integrated insurers like ICICI Prudential Life, SBI General etc,
where the latest renewal premium is accessed from insurer systems in real-time and
payment is facilitated through insurer preferred payment gateways. To facilitate these
payments, Bima Central has integrated with multiple payment gateways.
“With life insurer and non-life insurer basic service integrations in place, Bima Central has
now created a standard, replicable set of processes and APIs that will allow faster on-
boarding of insurers and will allow us to build more use-cases. We are grateful to ICICI
Prudential Life and SBI General who have been our founding insurers-partners in this
journey” explained Mr. Vivek Bengani, CEO, CAMS Insurance Repository.
CAMSRep is aiming to complete insurer service integrations to ensure that 100% of its eIA
holders can access basic policy servicing on Bima Central. Bima Central is also at final
stages to enable special use-case of digital lien marking and assignment for policy loans,
which will make the policy loan journey entirely digital.
