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IRDAI will soon do a soft launch of Bima Trinity- Bima Vahak, Bima Vistaar and Bima Sugam, said Debashish Panda, Chairman, IRDAI. He said, “The first phase of the trinity will be ready for soft launch in a couple of months.”
Panda spoke at the CII Insurance Summit recently.
The Chairman said the Bima Trinity will strengthen people's trust in insurance and make insurance more affordable.
While Bima Vahaks are the distributors who can sell insurance policies by doing KYC and facilitating claim servicing on a digital platform Bima Sugam, Bima Vistaar offers simple products policies having comprehensive features like both health and life cover.
Existing intermediaries can become a corporate Bima Vahak to distribute insurance policies in rural areas and appoint individual Bima Vahaks as sub distributors in these locations.
Panda said, "In insurance distribution, Bima Sugam is expected to cause an explosion, it will become the tech arm of insurance agents, making them more productive and efficient. The company to run Bima Sugam is already registered, with a new chief executive’s appointment recently, and soon the entire leadership team will be in place."
"The user acceptance testing for a tech platform to support Bima Vahak is set to begin shortly with plans for a soft launch of Bima Vistaar in the next couple of months," he added.
A few months back, Panda had said that Bima Sugam will be a UPI moment for the insurance industry.