Insurance Regulatory and Development Authority of India (IRDAI) has unveiled its ambitious 'Bima Trinity' plan at the 9th edition of Bima Manthan, its quarterly meeting with insurance company CEOs.
The Bima Trinity plan comprises:
- Bima Sugam – an open marketplace for the sale, service and claims of all insurance policies across insurance companies.
- Bima Vistaar – the first-ever composite product covering death, personal accident, property, and surgical hospitalisation.
- Bima Vahaak – a localised women-centric insurance field salesforce.
IRDAI said it had deliberations with the top brass of the insurance industry and the Bima Sugam team on key issues for the phased launch of Bima Trinity, with the implementation of Bima Sugam going as planned. The ‘Insurance Electronic Marketplace’ is to be established as a robust Digital Public Infrastructure enabling seamless integration with various services to facilitate the purchase, sale, servicing of insurance policies, settlement of insurance claims and grievance redressal.
The regulator added that Bima Vistaar is progressing steadily towards implementation, with key milestones achieved across all three pillars. Discussions at Bima Manthan were about taking a comprehensive update on the phased rollout strategy of Bima Vistaar. As per the regulator, discussions were also about the operating model and implementation strategy of Bima Vistaar.
Further, IRDAI said the portal for Bima Vahak, the localised women-centric insurance field sales force, is near completion and gearing up for a soft launch for Bima Vahak onboarding starting in April 2025.
IRDAI added that Bima Sugam India Federation (BSIF), the entity set up to build and operate this platform has also completed all its incorporation & other foundational actions and is now ready to be capitalised by the industry participants, reported CNBC TV18.