Centrico Insurance Repository, a subsidiary of Central Depository Services, has signed an agreement with the Life Insurance Corporation of India (LIC) to provide digital insurance repository services. The system allows LIC policyholders to store, update, and manage their insurance policies in electronic form. This move aims to streamline access to policy documents and improve operational efficiency.
Main Story:
LIC Goes Digital with Centrico
In a move to enhance policyholder services, Life Insurance Corporation of India (LIC)—India’s largest life insurer—has tied up with Centrico Insurance Repository to offer digital insurance repository services.
The announcement was made through a formal exchange filing by Centrico on Thursday. Centrico is a subsidiary of Central Depository Services Limited (CDSL) and is already associated with 43 insurance companies, including 23 life insurers.
What Is an Insurance Repository?
An insurance repository allows customers to:
- Store their insurance policies in digital format
- Update or modify personal and policy details easily
- Access all insurance documents securely in one place.
- Reduce paperwork and improve service turnaround times
The system was introduced by India’s insurance regulator to bring convenience, security, and transparency to insurance policy management.
Why It Matters
LIC is the largest player in the Indian life insurance market, with a new business premium of ₹3.36 trillion so far in FY25. By adopting Centrico’s repository services, LIC aims to offer better digital experiences and improve operational efficiency for its massive customer base.
This collaboration is expected to reduce manual processes and make it easier for LIC policyholders to manage their policies through digital means.
Centrico’s Growing Presence
With this tie-up, Centrico strengthens its position in the digital insurance space. The company is already a trusted partner to dozens of insurers and is playing a vital role in the digital transformation of India’s insurance sector.
