The ninth edition of Bima Manthan, a meeting of insurance CEOs and the insurance regulatory development authority of India (Irdai) focussed on strengthening the insurance sector and expanding its reach, according to a recent Irdai circular.
Insurers were asked to ensure that claim settlements were done promptly and also that grievances were addressed on time. Focus was laid on adhering strictly in letter and spirit to regulatory statutes
The ninth edition of Bima Manthan, a meeting of insurance CEOs and the insurance regulatory development authority of India (Irdai) focussed on strengthening the insurance sector and expanding its reach, according to a recent Irdai circular.
Let us take a look at some key discussion points.
Performance Of The Sector: The industry performance was reviewed in terms of growth trends, new business generation, and so on. Since insurance is about caring for the financial needs of a policyholder for the long term, measures to enhance the value proposition offered to customers were discussed.
Strategies To Reach The Last Mile: There was a special focus on ensuring a delightful consumer journey and also making insurance available to the farthest end of the country and taking it to every doorstep. While physical presence was emphasized, there was also a focus on adopting a phygital (physical plus digital) approach.
Strengthening Risk Management efforts: Focus was on how to manage risk, especially in the light of a high incidence of cyber risk. The updates of advanced analytical tools used by the Information Bureau of India (IIBI), a vital data repository for the sector were made.
Public Disclosures And Transparency: The regulator emphasized the need to ensure that timely and transparent disclosures were made on insurance company websites.
Compliance: Insurers were asked to ensure that claim settlements are done promptly and also that grievances are addressed on time. Focus was laid on adhering strictly in letter and spirit to regulatory stipulations.
Leveraging Technology And Encouraging Innovation: The regulator urged insurers to leverage the sandbox environment for innovation in products and processes. The concept of ‘entity locker’, a digital public infrastructure for streamlined business document management, developed by The National eGovernance Division (NeGD), of the Ministry of Electronics and Information Technology, was also presented.
Distribution Reforms In The Anvil: There were discussions about distribution reforms in the pipeline aimed at enhancing the performance and productivity of distribution channels. There were also steps taken to provide a career path and provide better employment opportunities through training and capacity building.
State Insurance Plan: A key discussion point was the rollout of the State Insurance Plan. A draft scheme was unveiled that aims at deepening penetration and spreading coverage across states and Union Territories through a multi-tier governance mechanism where representatives across the spectrum like gram panchayat, urban local bodies, districts, and state and central government administration will be present.
Bima Trinity: There were deliberations at the top level on key issues regarding the phased launch of Bima Trinity which consists of Bima Sugam, Bima Vahak, and Bima Vistaar. The portal for Bima Vahak, a localised women-centric insurance field sales force, is near completion and is scheduled for a soft launch in April 2025. Bima Vistaar, a composite product covering death, personal accident, property, and surgical hospitalization with each line of risk was also discussed. The conversations touched on all key areas including compliance, operational simplification, and ease of operations.