•Electronic Insurance Account (eIA) Value Added Products •Record Management System (RMS) •Documents Digitization •Change of Address/Contact details/ Bank Details etc •Appointment of Authorized Representative •Dematerialization of Insurance Policies •Premium Payment (Phase II) •Assignment & Re assignment of Policy (Phase II) •Change of Nomination/ mode of premium payment •Maintaining history of claim data Electronic Insurance Account (eIA): It is a facility to the policy holder to keep all Life & General insurance policies in single electronic account. Even the physical policies can be dematerialized and maintained in eIA. On having a eIA, the policy holder need not undergo the KYC formalities for new policies, thus mitigates repetitive KYC, compliance for speedy, cost effective services across the industry. Similarly, the eIA level changes /modifications are carried out which would be a onetime exercise as all the insurers are bound to rely upon this data for communicating with their policy holders. Value adds Products: (1) Record management System (RMS): It is an application which stores, tracks and retrieves the required Records in an Organized manner. In doing so, it secures the storage and retrieval of Records. RMS enables the clients to control costs, reduce risks, improve access and protect information. RMS manages to organize the record handling capabilities of the client, thereby allowing the client to concentrate on its core business while RMS manages all Records related issues. Record Management Solution consists of the following 3 major processes viz. Inwarding, Custody & Withdrawal. (2) Document Digitization: Facilitates state-of-the-art services for digitization of records and documents in large organizations. These services are focused to ensure a smooth transition for client organizations which are engaged in the process of moving their physical records to an electronic format. Servicing of policy holder's request takes place at e Insurance Account Level and at Policy Level. Servicing at eIA level is the onus of the Insurance Repository (IR) Change of Address/Contact details/ Bank etc: Any change thereto, eIA holder had to intimate the IR directly or through its branches or Approved persons along with requisite documents enabling IR to update the same. The said intimation can also be tendered with the Insurer whereby the later will send the same to the IR or its AP for doing the needful. • Appointment of Authorized Representative: A policyholder who opens an e IA shall appoint an Authorized Representative (AR) who shall be entitled to access the account in the event of demise of the policyholder or in her/his incapacity to operate the e Insurance Account. The AR is entitled only to access the e IA so as to know the portfolio of insurance policies and the nominees of the respective policies held under that account. The policyholder can change the AR, at her/his discretion, during the term of the e IA. The AR is different from a nominee and has only access rights to the e IA in the event of demise of the policyholder. Servicing of Policy is at respective Insurer level. However, the Insurance Repository can accept all such requests on behalf of the Insurers and forward the same. On redressal, the feed would be sent to IR for update. • Demat of Insurance Policies: Demat of Insurance Policy services are offered in order to provide policyholders facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies. • Premium Payment (Phase II): If the Insurer intends, the approved person would receive premiums vide account payee cheques which shall be banked on the same day. Further, as a value add a gateway would be provided by IR to the policy holder which would lead to the Insurer’s online premium payment portal. • Assignment & Re assignment of Policy (Phase II): A policyholder may assign or reassign a life insurance policy. An IR, its branches or AP shall receive the same and forward to the respective Insurer for doing the needful. On redressal, the Insurer has to give the feed to IR for update. • Change of Nomination/ mode of premium payment : A policyholder may change the nomination or mode of payment in a life insurance policy. An IR, its branches or AP shall receive the same and forward to the respective Insurer for doing the needful. On redressal, the Insurer has to give the feed to IR for update. • Maintaining history of claim data: Insurance Repository maintains the record of claim history as per Section 14 of the Act. In order to comply with the provisions of Section (14) of Insurance Act, 1938, the policies maintained in the data of insurance repository shall simultaneously form part of the record of policies / claim.