CAMS' subsidiary to facilitate e-insurance; stock jumps 6%
As of 1:01 p.m., shares of CAMS traded over 4 per cent, or Rs 135.04, higher at Rs 3,128 apiece on the BSE. The market capitalisation of the company at around the same time stood at Rs 15,371.97 crore.
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01:56 PM IST
Shares of Computer Age Management Services (NSE: CAMS) gained as much as 6 per cent during the afternoon trade on Tuesday (April 2) after the company informed that its subsidiary 'CAMSREP' will issue insurance policies in electronic mode.
As of 1:01 p.m., shares of CAMS traded over 4 per cent, or Rs 135.04, higher at Rs 3,128 apiece on the BSE. The market capitalisation of the company at around the same time stood at Rs 15,371.97 crore.
Through a regulatory filing, CAMS said that in line with the Insurance Regulatory and Development Authority of India's (IRDAI) new guidelines to issue insurance policies in electronic form with effect from April 1, 2024, the company's subsidiary will issue the policy electronically.
"CAMS Insurance Repository Services Limited, (“CAMSREP”) one of the wholly owned subsidiaries of the company, is an IRDAI-registered insurance repository and is facilitating the issuance of policies in electronic mode," the filing read.
As per the filing, currently, the company has 60 lakh e-insurance accounts and 72 lakh electronic policies in its repository. The company is also working on the Bima Central platform.
What is e-insurance?
Insurance regulator IRDAI made it mandatory for all insurance policies to be issued in electronic mode on April 1.
Electronic insurance policies will be held in a demat account called the e-Insurance Account, or eIA. Life, health, and general insurance policies will be in electronic mode. Old policies can also be converted to electronic mode for free.
As per Zee Business research, the company will benefit from the transfer of its old Rs 30 crore policy to electronic mode.
CAMS stocks share price performance
In a year, CAMS shares have gained over 47 per cent, against Nifty50's rise of over 28 per cent.
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