mumbai financial services enterprise karvy which has launched its insurance repository system irs with approval from irda is eyeing about 45 per cent of the total market share in the next three years a senior company executive said we are well positioned in technology operations service network and marketing capability to run this business with the benefit of low cost and huge geographical reach at present there are 42 crore policies which we hope will get converted to einsurance account eia we expect 4045 per cent of this market share in next three years karvy insurance repository executive director viiveck verma told pti here however if eia is made mandatory by the regulator the company may achieve this target early that is in 1824 months he added we are the only insurance repository ir to be certified for iso 27001 that guarantees data security which is the main issue today in two days since the launch last week we have opened 5000 accounts he added the company has already signed up with about seven life insurance companies for this purpose and will soon get all insurers under its portfolio he said initially this facility is only for life insurance as per the irda guideline and will slowly be extended to health motor group in next few months in a phased manner he said the karvy group is a leading integrated financial services group with over 67 million investors in various capacities and provides investor services to over 1200 corporates it has a network of over 400 branch offices across the country besides offices in dubai bahrain new york and singapore when asked if the company will launch ir at international platform he said after this system stabilises in the country we hope in next few months we may look at exploring the overseas market last week union finance minister p chidambaram launched the irdas insurance repository system irs which is first of its kind in the world irda has given five companies the status of insurance repositories and provided them licence that will be valid till july 31 2014 the five companies are nsdl database management central insurance repository shcil projects cams repository services and karvy insurance repository