With insurance regulations not mandating companies to issue policies only in demat format, insurance repositories have failed to take off in a big way in the country.
Touted as the first such reform globally, a repository aims to enable customers to have paperless policies. Just like in the case of shares traded on equity markets, a demat repository account holds all insurance policies of customers in a digitised format.
Each individual, once registered for e-insurance, has a unique electronic insurance account that holds all their policies.
