The Insurance Regulatory and Development Authority of India (IRDAI) has unveiled ‘Bima Trinity’ plan recently.
The ‘Bima Trinity’ plan consists of the following:
- 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 Vahak – a localised women-centric insurance field salesforce.
IRDAI 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 (DPI) enabling seamless integration with various services to facilitate the purchase, sale, servicing of insurance policies, settlement of insurance claims and grievance redressal.
Bima Vistaar is progressing steadily towards implementation, with key milestones achieved across all three pillars. Further, for Bima Vahak, the localised women-centric insurance field sales force is near completion, and is gearing up for a soft launch for Bima Vahak onboarding starting in April 2025.
Reportedly, 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 capitalised by the industry participants.
