The Insurance Regulatory and Development Authority (IRDA) has informed that the Insurance Repository System was launched on 16th of September, 2013 with the objective to provide policy holders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.

Benefits to the policy holders are as under:

• The policy holders are relieved of the problems of storing, retrieving and safe custody of the physical insurance policies.

• Possible reduction in premium owing to the electronic issuance and maintenance of the insurance policies due to the cost efficiencies.

• The policy holders are able to view the status of all his/her insurance policies held under an electronic Insurance Account (elA) at one place.

• Majority of the service requests can be placed with the Insurance Repositories who will facilitate the delivery of the service by the Insurance companies. The policy holder is relieved from the trouble of visiting offices of multiple insurance companies to address change requests like change of address/nomination etc.

• The elA holder can appoint an ‘authorized representative’ who can operate the account in case of death or disability of the policy holder to facilitate the nominees/assignees in claiming the benefits under the insurance policies.

This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today.

Electronic insurance repository enables centralised e-policy holdings and streamlined service requests, including authorized representative operation. The Insurance Repository System permits holding and managing insurance policies electronically via an Electronic Insurance Account (eIA) to enhance issuance and maintenance efficiency, transparency and cost reduction. Repositories centralise policy access and process most service requests on behalf of policyholders, reducing the need to visit multiple insurers for changes like address or nomination. The eIA allows appointment of an authorized representative to operate the account on death or disability, aiding nominees and assignees in claiming policy benefits.