IRDAI in new development mode – in CEO's Meet 14-16 Feb 2025
IRDAI unveiled the plan for its ambitious 'Bima Trinity' plan. Bima Trinity comprises of Bima Sugam, Bima Vistaar and Bima Vahaak. Bima Sugam is an open marketplace for the sale, service and claims of all insurance policies across insurance companies. Bima Vistaar is the first ever composite product covering death, personal accident, property, and surgical hospitalisation. Bima Vahaak is a localised women-centric insurance field sales force.
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. 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 said the implementation of Bima Sugam is 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.
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.
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