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The first stage of Bima Trinity, comprising Bima Sugam, Bima Vahak, and Bima Vistaar, is set for launch in April 2025.
The 9th edition of the Bima Manthan, a meeting of the minds between IRDAI and Insurance CEOs took place on February 13 and 14, 2025.
Bima Vahak, the localised women-centric insurance field sales force, will soon have portal starting April 2025 that will help them onboard new clients and service existing clients.
The meeting also discussed the progression of Bima Vistaar, which will be a composite insurance product covering death, personal accident, property and surgical hospitalization. This product will be co-insured with the respective insurers of each specialized business.
The meeting also tracked the progress of the insurance electronic marketplace, Bima Sugam. Bima Sugam is a digital platform that will enable investors to buy, renew, port and make claim requests completely online. Last year, Satyajit Tripathy, Member – Distribution, IRDAI, had said that Bima Sugam can disrupt the traditional distribution channels of selling insurance.
The meeting also discussed the launch of state-level insurance plan aiming to deepen insurance penetration across States and Union Territories through multi-tier governance mechanism.
Other highlights from the meeting include:
Policy holder focus
The meeting had a focus on enhancing long-term value for policyholders
Technology innovation
Insurers urged to utilize regulatory sandbox for innovation
Introduction of 'Entity Locker' for business document management
Last mile strategy
Discussions centered on collective efforts to ensure smooth customer journey and making insurance accessible across the country, with emphasis on physical presence in every district
Risk management
Measures to strengthen risk management framework were discussed, with a focus on cyber risks
Updates on Insurance Information Bureau of India's analytical tools were shared
Financial strengthening
Focus on stress testing, scenario analysis, and effective asset-liability management
Public Disclosures
Emphasis on timely and transparent disclosures on insurer websites, with focus on seamless claim settlements and prompt grievance redressal.
Distribution reforms
New measures discussed to enhance performance of distribution channels, focusing on training and career development