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Insurance Regulatory and Development Authority of India has proposed to mandate the dematerialisation of new insurance policies by December 2022 and existing policies by Dec-2023.
Based on estimates, total number of policies held by the four repositories is ~12.2 million as on June-22 (Computer Age Management Services Ltd. held 4.3 million policies as on June-22 with an estimated market share of 35.3%).
This can prove beneficial to both consumers and manufacturers as it will promote the ease of doing business in terms of servicing.
Over the past few years, insurance repositories have helped in electronic issuances and storage. If all life insurance policies in force and policies issued by general insurers are dematerialised, estimated addressable market size would be ~550 million policies.
While the total annual revenue scope depends on the terms of pricing set (rates might go down with surge in volumes), this is a positive for all the IRs.
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