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CAMSRep Revolutionises Insurance Management with Bima Central Platform

20 June 20243 mins read by Angel One
Bima Central is the industry's first policyholder servicing platform that allows customers to aggregate and manage their insurance portfolio through an electronic Insurance Account (eIA).
CAMSRep Revolutionises Insurance Management with Bima Central Platform
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CAMS Insurance Repository Services (CAMSRep), a leading player in the Indian insurance industry, has launched a revolutionary platform called Bima Central. This one-stop solution aims to simplify insurance portfolio management for policyholders, eliminating the hassle of juggling multiple policies and providers.

Features of Bima Central

Many individuals in India, who often purchase insurance policies from various companies, struggle to manage them effectively. Bima Central empowers policyholders by:

  • Aggregation and Simplification: Consolidates information from different policies into a single, user-friendly dashboard.
  • Enhanced Claim Readiness: Ensures all necessary documents and information are readily available in case of a claim.
  • Streamlined Policy Servicing: Provides easy access to policy servicing options like renewals, premium payments, and updates.

Managing Policies with Ease

Bima Central leverages a secure eInsurance Account (eIA) system. Policyholders who have already opened an eIA with CAMSRep can seamlessly access Bima Central to manage their life, health, and motor insurance policies issued by various insurers.

Key Features for Policyholders:

  • Simplified Policy Information: Access clear and concise details about each policy in one place.
  • Renewal Reminders: Receive timely notifications for upcoming policy renewals to avoid lapses.
  • Profile Management: Manage personal data and nominee information and update contact details effortlessly.
  • Policy Calendar: View important policy dates and milestones in a single, organised calendar.

SBI General was pivotal as the anchor insurer, collaborating with CAMSRep from the initial research and design stages. Their mobile app now offers two-way integration with Bima Central, enabling policyholders to manage their SBI General policies directly within the platform. The Bima Central initiative has garnered significant industry support. Major insurers like ICICI Prudential Life, Star Union Daichi Life, TATA AIA, and Aditya Birla Health, along with many others, are actively involved in developing additional functionalities and integrating their services with the platform.

“Value of insurance has been severely underappreciated due to the difficult and cumbersome benefit realisation journey. Over the past 18 months, when we had multiple interactions with insurers and policyholders, it came out clearly that this problem can only be solved by an industry-level platform. We took the initiative and worked with insurers to understand the post-purchase journey for creating suitable use cases to solve such challenges. Bima Central is a result of this collaboration. CAMSRep’s 7 million eIA holders can immediately start using Bima Central for various services while other policyholders can initiate a new eIA on Bima Central to start realising the benefits,” said Vivek Bengani, CEO of CAMSRep.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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