Centrico Insurance Repository, a subsidiary of Central Depository Services Limited (CDSL), has partnered with the Life Insurance Corporation of India (LIC) to provide digital insurance repository services. This collaboration aims to enhance paperless policy management, allowing policyholders to store and modify electronic policies. The partnership is expected to boost digital accessibility and efficiency in the insurance sector. Centrico currently partners with 43 insurers, including 23 life insurance companies, strengthening its network in digital insurance services.
LIC, India’s largest life insurer, achieved a new business premium of ₹3.36 trillion in FY25, solidifying its position as a market leader. The partnership between Centrico and LIC will encourage digital transformation in the insurance sector, providing policyholders with greater convenience and security.
The partnership will allow policyholders to manage their policies electronically, making it easier to access and modify their policies from anywhere, at any time. This technology-driven initiative is expected to increase transparency, reduce paperwork, and provide a seamless experience for policyholders. The partnership is a significant step towards digitalization in the insurance sector, which will lead to improved operational efficiency and better customer service.
In conclusion, the collaboration between Centrico Insurance Repository and LIC will have a profound impact on the insurance sector, promoting a more streamlined and paperless insurance management system. This partnership will create a more efficient and secure environment for policyholders, ultimately benefiting the insurance industry as a whole.