![]() ![]() Vineet Arora, chief operating officer, HDFC Life, says policy proceeds are credited to a beneficiary’s account within three or four days on receipt of information and validation. Meanwhile, the repository is evaluating collaborating with India Post to enrich its database and deploy AI tools. “If it comes on board, the resolution will get a huge fillip," says Bengani. LIC, too, is evaluating the CAMSRep service. “With ongoing engagements at multiple levels, we were able to pay out over ₹597 crore in FY22 and over ₹1,003 crore in FY23 to beneficiaries," says Amish Banker, senior executive vice president, customer service and operations at ICICI Pru Life. The insurer also engages with credit bureau agencies,the Insurance Information Bureau, distribution channels and its own branches to reach out to policyholders. ICICI Prudential Life Insurance achieved a 10% efficacy running this pilot project with CAMSRep. Of this, ₹100 crore worth of unclaimed benefits have been resolved for about 40,000 policyholders in the last 12 months. Once we establish contact, we collect bank details of the beneficiaries and share the entire data with the insurance company," says Bengani.ĬAMSRep is already working with a dozen insurers and has so far processed ₹850 crore across 2.5 lakh policies. ![]() Once we have possible matches identified, we run extensive communication tools using all possible means, even approaching family members in person or via calls to inform them about the unclaimed benefit. We put algorithms on the available data to see if alternate email IDs or mobile numbers can be found. ![]() “We start with a broad search on the web to seek alternate contacts. It is here that CAMSRep’s contact tracing tool is a big help. Irdai has been nudging insurers to take steps to release the unclaimed amount. Even private recovery platforms prefer to stick to other unclaimed assets over insurance. While all insurers are mandated to post unclaimed insurance information on their websites, there is no single database that compiles information from all insurers. Unclaimed insurance money, per Insurance Regulatory and Development Authority of India’s (Irdai’s) definition, is any amount payable to the policyholder as death claim, maturity claim or survival benefits that remain unclaimed beyond six months from the date of its settlement. “LIC alone accounts for ₹15,000-17,000 crore, across 5 million policies," says Vivek Bengani, CAMSRep’s chief executive officer. Insurance repository CAMSRep estimates the unclaimed insurance amount at ₹20,000-22,000 crore, covering around 7 million policies. It extends to insurance policies as well. Unclaimed assets are not limited to banks and stock markets. If such details are not available, investors would have to scour company websites or even hire the services of a private agency. IEPF has a searchable database but it requires multiple data points such as account number, depository client ID or folio number. Government data shows that total unclaimed deposits (money lying unclaimed in bank accounts for years) transferred to the Reserve Bank of India (RBI) by public sector banks totalled ₹35,012 crore as of February. Provisional data from IEPF puts the unclaimed balance at the end of January at ₹5,675 crore. Notably, all shares, dividends, debentures and accumulated interest that have remained unclaimed for seven years or more get transferred to the Investor Education and Protection Fund (IEPF), a repository set up under the Companies Act, 1956. ![]()
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