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ICICI Prudential Life Insurance has integrated its real-time policy services with Bima Central, a digital policyholder servicing platform provided by CAMSInsurance Repository (CAMSRep). This integration allows policyholders to make renewal payments, update their personal details, and change their nominees in real-time. This is the second collaboration between Bima Central and an insurance company, following a similar integration with SBI General. The integration ensures that any changes made to a policy are reflected in real-time across the insurer and the insurance repository.
The integration enables policyholders to manage their policies more efficiently, with features such as renewal reminders, online payment gateways, and an easy update process for personal details. The platform also utilizes Artificial Intelligence-Optical Character Recognition (AI-OCR) technology to read cheque images and validate payments. Data security and compliance checks are in place to ensure the integrity of customer data and the process.
The CEO of CAMSInsurance Repository, Vivek Bengani, emphasizes that the collaboration with ICICI Prudential Life has given them the momentum to expand Bima Central’s services for eIA holders. The company aims to complete insurer service integrations to ensure that 100% of its eIA holders can access basic policy servicing on Bima Central. In the coming months, more services, such as digital assignment, grievance management, and claims reporting, will be enabled on the platform.
The Chief Operations Officer of ICICI Prudential Life Insurance, Amish Banker, stresses the importance of providing customers with a hassle-free and secure experience, which is achieved through Bima Central’s real-time policy services. He also emphasizes the benefits of holding policies in a dematerialized form, which mitigates the risks associated with loss or damage of physical policy documents.
The integration of Bima Central with ICICI Prudential Life is a significant milestone in the company’s efforts to enhance customer experience and simplify processes. The platform’s ultimate goal is to provide an end-to-end solution for policyholders, making it easier for them to manage their policies and access various services.