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  • Insurance New opportunity for distributors in insurance space

    New opportunity for distributors in insurance space

    Bima Trinity – Bima Vistaar, Bima Vahak and Bima Sugam to be reality soon: IRDAI
    Nishant Patnaik Sep 7, 2023

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    There is good news for distributors who want to expand their reach in real Bharat. Debasish Panda, Chairman, IRDAI said that the Bima Trinity which includes Bima Vistaar, Bima Vahak and Bima Sugam will be a reality soon.

    He was speaking at the Global Fintech Fest held recently in Mumbai.

    The chairman said that there is an urgent need to step out from metro cities and focus more on the villages, blocks and districts to make insurance for all by 2047. In this endeavour, Bima Trinity has been conceptualized and it will play a key role, he said.

    While Bima Vistaar is a simple product which will have no ambiguity in terms of its benefits and exclusions, Bima Vahaks are the insurance intermediaries who will sell and renew insurance policies and make claim requests completely online through Bima Sugam platform.

    Bima Vahaks will sell both life and general insurance policies in rural areas at gram panchayat level. The best part is that anyone can become corporate Bima Vahak or individual Bima Vahak to distribute insurance policies in rural areas. Further, corporate Bima Vahaks can appoint individual Bima Vahaks as sub distributors in these locations.

    Bima Vahaks can sell insurance policies, do KYC and facilitate claim servicing. Individual Bima Vahaks can tie up with one life insurance, one non-life insurance, one standalone health insurance and one agriculture insurance.

    Further, IRDAI Chairman said that the regulator has rolled out a plan in which insurance companies have been assigned with a responsibility to increase insurance penetration at state/UT level. Each insurance company has to adopt a state for this purpose, he said.

    Panda also said that the insurance regulator is working towards making health insurance claim completely cashless across the country.

    Have a query or a doubt?
    Need a clarification or more information on an issue?
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    5 Comments
    InvestAir Funds · 7 months ago `
    A Bima Vahaks can tie up with one life insurance, one non-life insurance, one standalone health insurance and one agriculture insurance. It's not clear how he will be different from Bima Agents.
    Nishant Patnaik · 7 months ago
    They will sell specific products at rural areas. An agent can also appoint Bima Vahaks.
    Reply
    Sham Kumar Saini · 7 months ago `
    Insurance CEOs must understand, realise and then stress to make IRDAI Chairman understand and realise that 13.5 lakh LIC Agents and same number of Agents of other Private and PSUs are well Trained Professionals and are already working in the Insurance Field since decades selling and servicing more than 45 Crore Life Insurance Customers and billions of General and Health Insurance Customers with very high degree of professionalisim. and quality services. Yes few black sheeps are always a possibility in every field.
    The only need is to empower them with latest technology and quality knowledge update regularly. Enhance their qualifications, quality and professionalisim.
    Insurance Companies must be advised to ensure that they look after their Agents/CLIAs/ Advisors well by offering such facilities which ensure long term Safety and Security of this most Poise Profession of Insuring Public and Providing them quality Services. Those insuring public are themselves are most insecure due to lack of concern for their Basic Needs like Appropriate Group Insurance and Group Mediclaim Cover, Provident Fund, Appropriate Ammount of Gratuity, Pension facilities. Trustworthy and Dedicated Agents have all the capabilities and capacities to sell and serve billions of customers with best possible quality services to realise the Dream of Hon PM ji and IRDAI to insure every Indian and every household with in few years.
    Please have faith and trust on this time tested field force and bank upon them to sell and serve insurance to everyone in our Nation.
    Newcomers are also needed but it is always the experienced, well looked after and tested horses that ensure victory in Racecourse!

    Humbly submitted for every one's kind consideration!
    Vivek Mallik · 7 months ago `
    Why tie-up with only one? I may like term plan of A, while Endowment plan of B and ULIP of C. Why not give the Vahaks liberty to sell whatever he seems fit for the client, just like mutual funds.
    Insurance companies may give higher commission to attract Vahaks, thereby forcing mis-selling of policies without ascertaining the need of the policy.
    P S NARAYANAN · 7 months ago `
    Once we are IRDA qualified, as rightly said by Mr.Vivek Malik, we must be able to empanel with multiple insurance providers and meet the need of our valuable customers.
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