This is a significant development as the Insurance Regulatory and Development Authority of India (IRDAI) mandated electronic policy issuance starting 1 April 2024. As an IRDAI-registered insurance repository, CAMSREP is well-positioned to benefit from this regulation.
Established in 2011, CAMSREP is already the second-largest insurance repository in India, managing 60 lakh e-insurance accounts and 72 lakh electronic policies. It is engaged with over 45 insurers for their electronic policy issuance. CAMSREP is also developing the Bima Central platform, an industry solution to facilitate policyholder transactions from a single platform.
CAMS is a financial infrastructure and service partner to the asset management industry and provides platform-based services to BFSI segment. The company is India's largest registrar and transfer agent of mutual funds with an aggregate market share of 68.1% based on mutual fund average assets under management ("AAUM"). The company is the market-leading platform and service partner to alternative investment funds and portfolio managers serving over 400 mandates of 180 funds with full-stack digital and fund administration services. The company has also forayed into new areas like Account Aggregator and Central Record-Keeping Agency ("CRA") services for National Pension Scheme.
On a consolidated basis, net profit of CAMS rose 21.12% to Rs 89.29 crore on 18.93% increase in net sales to Rs 289.68 crore in Q3 December 2023 over Q3 December 2022.