Say goodbye to paper policies! LIC teams up with CAMSREP for digital insurance revolution

India‘s largest life insurer, Life Insurance Corporation of India (LIC), has taken a significant step toward digital transformation by partnering with CAMS Insurance Repository Services Limited (CAMSREP), a wholly owned subsidiary of Computer Age Management Services Limited. This strategic agreement enables LIC to issue insurance policies in an electronic format through e-Insurance Accounts (eIA) managed by CAMSREP, reinforcing the shift toward paperless and more accessible insurance services.

The move is expected to accelerate the adoption of digital insurance in India, marking a critical milestone for the industry. LIC’s decision to embrace dematerialized policies underscores its commitment to modernizing policyholder services while aligning with the Insurance Regulatory and Development Authority of India’s (IRDAI) push for digital-first solutions.

How Does CAMS Insurance Repository Support LIC’s Digital Transition?

CAMS Insurance Repository Services Limited is among the pioneers of digital insurance record-keeping in India. As one of the first companies to receive an IRDAI license for insurance repository services, it has played a crucial role in transforming the way policies are issued and managed. Over the past decade, CAMSREP has facilitated the transition of more than 10 million insurance policies into digital formats, offering policyholders a streamlined and secure experience.

Through this partnership, LIC policyholders will have the option to open e-Insurance Accounts with CAMSREP, allowing them to receive, store, and manage their policies electronically. This eliminates the need for physical policy documents, reducing administrative hassles and enhancing accessibility. Policyholders will benefit from a centralized digital repository that simplifies policy tracking, renewal reminders, and updates—all through a seamless digital interface.

Why Is LIC Adopting Digital Insurance Policies Now?

The insurance sector in India has been gradually transitioning toward digitalization, driven by regulatory encouragement and increasing consumer demand for paperless solutions. While private insurers have been quicker to adopt digital policies, LIC, with its vast customer base, is now making a substantial push toward modernization.

LIC’s move comes at a time when digital financial services, including digital banking and online investment platforms, are witnessing rapid growth. Policyholders are increasingly looking for convenience, and digital issuance aligns with this shift by offering secure, on-demand access to insurance policies.

Additionally, LIC’s engagement in digital insurance issuance is expected to reduce costs associated with physical documentation, policy distribution, and manual record-keeping. The integration with CAMS Insurance Repository ensures that LIC remains competitive in an evolving market while improving service efficiency for millions of policyholders.

What Is Bima Central and How Does It Benefit Policyholders?

A key enabler of this digital transformation is Bima Central, an integrated policy management platform developed by CAMSREP. Designed as an industry-wide solution, Bima Central provides eIA holders with a unified interface to manage their insurance portfolios efficiently.

Bima Central offers several critical services, including policy renewal payments, personal detail updates, and service request submissions. By acting as a central hub for policy management, it simplifies interactions between policyholders and insurers, minimizing paperwork and streamlining servicing requests.

Since its launch, Bima Central has gained significant traction, attracting nearly 450,000 active users. The platform processes close to 100,000 service requests per month, underscoring its growing importance in the digital insurance ecosystem. Accessibility has been a key focus, with the platform available in English, Hindi, and Telugu, catering to a diverse user base across India.

What Does This Partnership Mean for the Indian Insurance Industry?

LIC’s collaboration with CAMS Insurance Repository is a landmark moment for India’s insurance industry. By enabling digital issuance of policies, LIC is not only enhancing convenience for its customers but also setting a precedent for other insurers to follow.

Industry experts believe that this move could lead to a broader push toward e-Insurance across both public and private insurers. As digital adoption accelerates, companies that integrate technology-driven solutions will be better positioned to cater to the evolving needs of policyholders.

For LIC, this partnership represents an opportunity to enhance customer engagement while optimizing operational efficiency. The shift toward digital policies could result in reduced processing times, minimized fraud risks, and a more structured approach to policyholder data management. Moreover, as India’s insurance penetration continues to rise, digital issuance will play a crucial role in simplifying policy distribution, particularly in remote and underbanked regions.

How Will Policyholders Benefit from Digital Insurance Issuance?

The transition to digital policy issuance offers multiple advantages for policyholders. Policies stored in electronic format are easily accessible, eliminating concerns about lost or damaged physical documents. Digital records reduce the risk of fraud and misplacement, ensuring policyholders have verifiable proof of insurance at all times. Managing policies, renewing coverage, and updating personal details becomes faster and more seamless with a digital repository. The paperless approach also contributes to environmental sustainability by reducing paper usage and printing costs.

By integrating with CAMS Insurance Repository, LIC is not only responding to consumer demand for digital solutions but also future-proofing its operations against an increasingly tech-driven landscape.

Will Other Insurers Follow LIC’s Digital Strategy?

The shift toward e-Insurance is expected to gain momentum as more insurers recognize the benefits of digital transformation. The IRDAI has been actively encouraging companies to adopt paperless solutions, and with LIC leading the way, other insurers are likely to accelerate their own digital initiatives.

CAMS Insurance Repository’s role as a facilitator of this transition places it at the forefront of India’s digital insurance ecosystem. The success of Bima Central and the growing demand for eIA services indicate that the insurance sector is heading toward a fully digital future.

While private insurers have been early adopters of digital issuance, LIC’s move is particularly impactful given its dominant market share. As more policyholders experience the benefits of digital insurance, demand for electronic policies is expected to rise, prompting insurers across the board to invest in similar solutions.

The Future of Digital Insurance in India

As the Indian insurance industry continues to evolve, digital transformation will be a defining factor in shaping its future. LIC’s partnership with CAMS Insurance Repository Services marks a major milestone in this journey, reinforcing the push toward a more efficient, secure, and consumer-friendly insurance landscape.

With increasing smartphone penetration, expanding internet accessibility, and growing digital financial literacy, e-Insurance is set to become the standard for policy issuance and management. As insurers continue to innovate, policyholders can expect greater ease of access, improved customer experiences, and enhanced transparency in insurance services.

By embracing digital policy issuance, LIC is not only meeting present-day expectations but also preparing for a future where technology plays a central role in financial services. This shift could set the foundation for further advancements, including AI-driven policy management, automated claims processing, and blockchain-based insurance verification—ushering in a new era of smart insurance solutions in India.