The implementation of Bima Sugam is going as planned and is now ready to be capitalized by Indian insurers, said the IRDAI

Hyderabad: The unveiling of of IRDAI’s game changing move Bima Sugam might have been delayed but the portal for Bima Vahak’s, the localised women-centric insurance field sales force, is near completion and gearing up for a soft launch for Vahak onboarding starting April 2025.

A compliant, simple, comprehensive and customer friendly model has now been signed off by the top brass of the industry. Since the project has reached a crucial juncture, the team has also upgraded the project operating mechanism to complete the rest of the technology build for Vistaar, informed the IRDAI.

The regulator had detailed deliberations with the top brass of the insurance industry and the Bima Sugam team on key issues for the phased launch of Bima Trinity, at Bima Manthan during Feb12-14.

The Bima Trinity—comprising Bima Sugam, Bima Vahak, and Bima Vistaar—is progressing steadily toward implementation, with key milestones achieved across all three pillars, said the IRDAI.

Discussions at the Bima Manthan provided a comprehensive update on the phased rollout strategy, highlighting progress made and outlining the next steps. The interactions dwelled deep into the operating model and implementation strategy of Bima Vistaar, the first ever composite product covering death,personal accident, property and surgical hospitalisation with each line of risk, co-insured between all the insurers of that corresponding line of business within an omnibus co-insurance arrangement, highlighted the regulator.

The conversations, at the Bima Manthan, touched all key aspects including compliance, operational simplification and ease of operations despite navigating different risk families, various customer journeys.

BIAM SUGAM

The implementation of BIMA SUGAM is going as planned, added the IRDAI.

This “Insurance Electronic Marketplace” is to be established as a robust Digital Public Infrastructure enabling seamless integration with various services to facilitate purchase, sale, servicing of insurance policies, settlement of insurance claims and grievance redressal, explained the IRDAI.

Bima Sugam India Federation (BSIF), the entity set up to build and operate this platform has also completed all its incorporation and  other foundational actions and is now ready to be capitalized by the enthused industry participants.

“Thanks to the collective commitment from the entire industry, the building blocks of Bima Trinity are now falling in place. The meeting concluded with a reaffirmation of the industry’s commitment to expanding insurance access, diversifying solutions, ensuring efficient claim settlements, strengthening governance, and leveraging technology,’’ emphsised the IRDAI