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e-ISSN: 2454 566X, Volume 2, Issue 3, (December 2016), www.ijtmh.com
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International Journal of Technology Management & Humanities (IJTMH)

e-ISSN: 2454 566X, Volume 2, Issue 3, (December 2016), www.ijtmh.com

International Journal of Technology, Management &

Humanities (IJTMH)
e-ISSN : 2454-566X
Volume 2, Issue 3
December 2016
Editor in Chief
Dr. Jitendra Narayan
Ph.D, M.Tech , Biotech Brunel University, London
Dr. Akthar Hussain
King Saud University, Riyadh
Dr. Umar Rana
Jazan University, Saudi Arabia
Dr. Leri Gvasalia
Georgian Technical University, Georgia

Editors
Dr. Anurag Tripathi (Scientist)
Indian Institute of Toxicology Research
Dr. Ching Ta Kinghch
National Tsing Hua University, Taiwan
Shubendu S. Shukla
SR Group Of Institution, Lucknow, India
Dr. Alen Willson
Brunel University
Dr. Madhulika Singh
Maharishi University of Information Technology, India
Prof. Dr. Amer A. Taqa
Department of Dental Basic Science College of Dentistry/ Mosul
University/ Iraq Education
Dr. S. Sasikumar
Imayam College of Engineering, Thuraiyur, Trichy
Dr. Sita Ram Pal
Dr. Shakuntala Misra National Rehabilitation University, Lucknow,
India
Dr. Mehraj Ahmad Bhat
Department of Education, University of Kashmir, J&K India
Dr. J. Samuel Caeser Pickens
Department of Commerce with Computer Application
Dr. S.N.S Rajalakshmi College of Arts and Science, Coimbatore
KR. Senthil Kumar
SVS College of Engineering Coimbatore
Dr. SAMBHAJI GULABRAO PATIL
Librarian (Central Library) METs Institute of Engineering,
Bhujbal Knowledge City, Adgaon, Nashik
Dr. Hasan Yaser Malik, TI (M)
Fellow Research Member
National Foundation for Environment Education & Research

Dr. A. N. Tripathi
Annamalai University, Tamil Nadu
Dr. Ashutosh Bajpai (Ph.D, MBA)
Sherwood Business School Barabanki, India
Dr. Casinao Rodriguezleon
Universidad De La Laguna, Spain
Dr. Aleem Khan
Abiliene Christian University
Dr. R. P. Bajpai
MGCGV Chitrakoot, Satna, India
Dr. B. Nagaraju
University of Mysore, Manasagangotri, Mysore,
India
Dr. Santosh Kumar Behera
Sidho-Kanho-Birsha University, India
Busari Lasisi
Department of French, Ibrahim Badamasi Babangida
University, Lapai, Niger State
ESEW, Michael
Kashim Ibrahim Library, A.B.U, Zaria
Dr. Vikas M. Raval
Department of Science and Humanities, Gujarat Power
Engineering and Research Institute, Kadi Sarva
Vishwavidyalaya
Asheesh Kamal
School of Planning and Architecture, Vijayawada,
Andhra Pradesh
Dr. Mohammad Rehan
Indira Gandhi Rashtriya Manav Sangrahalaya,
(National Museum of Mankind), Bhopal (M.P.)
Angan Roy
Manbhum Institute of Education & Social Science, Purulia

Impact of Insurance Repository: A Step toward e- word

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International Journal of Technology Management & Humanities (IJTMH)

e-ISSN: 2454 566X, Volume 2, Issue 3, (December 2016), www.ijtmh.com

Impact of Insurance Repository: A Step toward e- word

Author
1

Shailesh Kumar Singh, 2Prof. Peeyush Kumar Pandey

(Research Scholar/Dept. of Commerce & Business Management/Maharishi University of

Information Technology, Lucknow/India)
2
(Professor/Dept. of Commerce & Business Management/Maharishi University of Information
Technology, Lucknow/India)
Abstract
India is the second most populous country in the world, whose rapidly developing economy, is widening
the gap between rich and poor. Insurance & Microfinance allows the poor to get the loans; they need to
save, invest, and create a sustainable profitability & lifestyle of financial independence and growth.
An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic
form, rather than as a paper document. Insurance Repositories, like Share Depositories or Mutual Fund
Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such
policies are called electronic policies or e Policies. Union Finance Minister Launched Insurance
Repository System (IRS) on 16th September 2013. This is unique system in the world.
Keywords:

1. Introduction

India is the second most populous country in the world, whose rapidly developing economy, is
widening the gap between rich and poor. Insurance & Microfinance allows the poor to get the
loans; they need to save, invest, and create a sustainable profitability & lifestyle of financial
independence and growth.
An Insurance Repository is a facility to help policy holders buy and keep insurance policies in
electronic form, rather than as a paper document. Insurance Repositories, like Share
Depositories or Mutual Fund Transfer Agencies, will hold electronic records of insurance
policies issued to individuals and such policies are called electronic policies or e Policies.
Union Finance Minister Launched Insurance Repository System (IRS) on 16th September 2013.
This is unique system in the world.
Insurance Repository means a company formed and registered under the Companies Act, 1956
and which has been granted a certificate of registration by Insurance Regulation and
Development Authority of India (IRDAI) for maintaining data of Insurance policies in electronic
form on behalf of Insurers. To implement the insurance Repository System, IRDAI has granted
certificate of Registration to the five entities to act as Insurance Repositories. They are Central
Insurance Repository Limited- www.cirl.co.in, SHCIL Project Limited- www.shcilir.com,
Karvy Insurance Repository Limited- www.kinrep.com,NSDL Database Management Limitedwww.nir.ndml.in, CAMS Repository Service Limited- www.camsrepository.com.
A policy holder can buy and keep all the policies under an electronic Insurance Account (eIA)
with any one of the Insurance Repository of his choice. The existing policies in physical mode
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e-ISSN: 2454 566X, Volume 2, Issue 3, (December 2016), www.ijtmh.com

too can dematerialize and held in the eIA. The access to all the policies is then available at a
click of a button. The Insurance Repository System not only provides policy holders a facility to
keep insurance policies in electronic form but also enable them to undertake changes,
modifications and revisions in the insurance policies with speed and accuracy. In addition the
repository acts as Single Stop Shop for policy servicing.
2. Objective
The objective of creating an insurance repository is to provide policyholders a facility to keep
insurance policies in electronic form and to undertake changes, modifications and revisions in
the insurance policy with speed and accuracy. The Insurance Repository System also brings
about efficiency and transparency in the issuance and maintenance of insurance policies.
3. Benefits of holding Insurance Policies in electronic form
There are multiple benefits in holding insurance policies in electronic form under a single eInsurance Account (e IA). These benefits include:
3.1. Single Point of Service
All service requests in respect of e IA or any of the electronic policies held under the e IA can be
submitted at any of the Insurance Repository service points there is no need to go to the offices
of individual insurance companies for service.

3.2.Less Paper work

When you want to buy a new electronic insurance policy under an existing e IA, you dont need
to go through KYC verification all over again, if there are no changes to your KYC details
already recorded in your e IA. Further, if you want to make any changes to your personal details
like address or contact no, it is enough to change the details in your e IA with the Insurance
Repository by submitting a single request the Insurance Repository, in turn, will inform all the
insurance companies with whom you hold electronic policies, about the changes.

3.3.Convenience
All insurance policies, be it life, pension, health or general, can be electronically held under a
single e IA. This means all details of all policies are available in a single account (place). The
details of any of the policies can be accessed at any time by logging on to the online portal of
Insurance Repository. Premium for all the policies can be paid online and many service requests
or complaints can be logged at this website.
3.4.Safety
There is no risk of loss or damage of a policy as may happen with paper policies; the electronic
form ensures that the policies are in safe custody and can be easily accessed when needed.

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e-ISSN: 2454 566X, Volume 2, Issue 3, (December 2016), www.ijtmh.com

4. Benefit of Insurance Repository in Nut Shell:

Convenience: Single Point of Contact

Aggregation and Single View
Safety: Elimation of paper and Storage risks
Service on demand
Efficiency and Transparency
Ease of Maintenance
Potentially Reduced Premium

5. The Repository Eco-System

Insurance Repositories enter in to an agreement with the insurance who share the
electronic data pertaining to the insurance policies with the Repositories.
The Insurance Repository does a KYC to open an e- Insurance Account and provides
a welcome kit and helps with the details of how to use the account.
The policyholders at the time of taking a policy or any time later can make a request
for an e-Insurance account with the Insurance Repositories and have policies credited
to the account.
Upon receipt of a service request, the Insurance Repository would handle areas that
fall within scope of their services directly and would forward the others to the
Insurer.
The e-Insurance Account and all servicing would be offered free of cost to the
policy holder.
Both new and existing Life, Annuities, Health and General Insurance policies can all
be credited to his account. However, during the initial phase, the Life insurance
policies would be credited to this account. The General Insurance and Group
Insurance policies would be credited subsequently.
The Insurers would be sending an insurance information sheet containing the basic
details of insurance policy when a new electronic policy is issued.
The Insurance Repositories provide facility for online payment of premium by the
policyholders and payouts claims by the Insurers and handle several other servicing
needs.
The policyholder can appoint an Authorized Representation who can access the eInsurance Account on the demise/disability of the policy holder to facilitate the
nominees in the claim processing.
The e-Insurance Account holder will have an option to shift from one repository to
the other.
A statement of account giving the details of all policies held electronically shall be
provided annually by the Insurance Repository.

Here we can say definitely Insurance Repository System play very vital role in Insurance
Sector.
References
[1]. Hand Book on Insurance Repository System (IRS)
[2]. http://www.irda.gov.in
[3]. http://timesofindia.indiatimes.com
[4]. Hand Book of LIC
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