Zopper has been awarded the project by the Indian insurers, represented by both the councils- General Insurance Council and Life Insurance Council, to create a comprehensive technology platform that can be used by the industry to enroll agents, mainly women, in rural and remote areas to be termed as Bima Vahak, enable selling of one mass insurance product called Bima Vistaar and payment of any claims by the insurers
Mumbai/Hyderabad:
Kickstarting its ambitious project, Bima Vistaar, for taking insurance into India’s hinterland, insurers have awarded their technology project to insurtech major Zopper.
Zopper has been awarded the project by the Indian insurers, represented by both the councils- General Insurance Council and Life Insurance Council, to create a comprehensive technology platform that can be used by the insurance industry to enroll agents, mainly women, in rural and remote areas to be termed as Bima Vahak, enable selling of one mass insurance product called Bima Vistaar and payment of any claims by the insurers.
The financial details of the project is yet to be know, though it will be valued over Rs 15 crore.
Zopper,started by Surjendu Kulla and Mayank Gupta in 2011,is in the business of providing technology platforms to various players, which intend to sell insurance solutions, has been picked up after evaluating several competitive bids by other players.
Currently, it has more than 200 ecosystem partners who are using its iInsurtech platforms.
Though, the guidelines for women-centric insurance distribution channel, Bima Vahak, has already been issued by the insurance regulator, IRDAI, these will come into force with the launch of the low value mass single product- Bima Vistaar combining life, health and property cover.
The claims of property cover will have parametric triggers.
IRDAI is working on the final modalities including pricing of an all-in-one standard insurance product—Bima Vistaar—which is expected to be launched soon.
“To take insurance to each gram panchayat, a tech-led, women-centric localised insurance force called Bima Vahak is being conceptualised to distribute multi-line, benefit-based products with parametric triggers, that is, Bima Vistaar, which may greatly enhance accessibility, availability and affordability—which will significantly contribute to insurance penetration, said Debasish Panda, chairman, IRDAI.
IRDAI has directed insurers to put in place appropriate systems, processes, internal controls and infrastructure to enable seamless interface with all Bima Vahaks.
The main objective of Bima Vahak is to establish women centric dedicated distribution channel that is focused on enhancing insurance inclusion and creating awareness in every village/gram panchayat, and thus, improving accessibility and availability of insurance in every nook and corner of the country.