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In another development in the making of online platform for agents, IRDAI has constituted Bima Sugam India Federation (BSIF).
BSIF is a part of Bima Trinity- Bima Vahak, Bima Vistaar and Bima Sugam.
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.
IRDAI said, “What was once a visionary concept has now become a tangible reality. A customer-centric innovation in the Indian insurance sector of setting up the BIMA SUGAM, a digital public infrastructure, it is poised to revolutionize the insurance landscape, providing citizens with the ability to easily access, transact, and, most importantly, enhance their overall insurance experience.”
“A collective commitment from the entire industry to ensure its successful implementation is set to reshape how insurers interact with consumers, setting a new standard of accessibility and transparency in the insurance business,” added the regulator.
Last month, Debashish Panda, Chairman, IRDAI said that IRDAI will soon do a soft launch of Bima Trinity. He said, “The first phase of the trinity will be ready for soft launch in a couple of months.”
