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Informist, Tuesday, Oct. 22, 2024

MUMBAI – The implementation of Bima Sugam, Bima Vahak, and Bima Vistar are in advanced stages, Insurance Regulatory and Development Authority of India Chairman Debasish Panda said at the Insurance and Pensions Summit on Tuesday.

"BIMA Trinity holds significant promise of making insurance a very pleasant experience, while fostering trust and focusing on inclusion, availability, accessibility and most important, affordability. I am happy to inform that its implementation is at advanced stages," he said.

Bima Sugam is an electronic insurance marketplace or the digital public infrastructure for all insurance stakeholders to promote transparency, efficiency, and collaboration across the insurance value chain. Bima Vahak is a women-centric insurance distribution channel for rural areas and, Bima Vistaar is a comprehensive insurance product issued by the regulator.

On the progress on these products, Panda said that the company behind Bima Sugam has been formally registered and new chief executive officer has been appointed. He said that the appointments of other key management personnel are also at an advanced stage and soon, the entire leadership team will be in place.

He also said that IRDAI is in the process of on-boarding the technology service provider for Bima Sugam. "Hopefully we would see the Bima Sugam in its first phase of launch soon," he said.

For Bima Vahak, Panda said that the guidelines have been issued and the final structure of Bima Vistaar product has also been finalised, Panda said.

"The user acceptance testing for the technology platform to support Bima Vahaks is set to begin shortly with plans for a soft launch of the Bima Vistaar solicitations in the next couple of months," he said. "This tech platform will ultimately get integrated with the Bima Sugam making it a single integrated technology platform for the insurance sector offering seamless services across the insurance value chain," he added.

He urged insurers to come out with similar products, which are not only easy to understand but are also important for other targeted groups.  End

Reported by Kshipra Petkar

Edited by Akul Nishant Akhoury

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