Giving impetus to the Centre’s flagship digital India programme to push ease of living by bringing citizen centric schemes just a ‘click’ away, the Insurance Regulatory & Development Authority of India (IRDAI) may soon launch a new one-stop digital platform, ‘Bima Sugam’ for services including the sale of policy, renewal, and settlement of claims.
According to IRDAI chairman Debasish Panda, the new tech-led portal will help in expanding insurance penetration in the country by ensuring a hassle-free experience for customers across the country. “Bima Sugam should be a UPI moment for the insurance industry,” Panda said.
The Unified Payments Interface (UPI) has witnessed a huge success in recent times. The digital payment mode has emerged as the most widely used payment system in the country with people making most of small, big payments via UPI.
After being successfully picked in the country, the UPI is now exploring international foray with many countries looking for a similar model. Launched in 2016, Payment through UPI has crossed a milestone of Rs 11 lakh crore in September this year.
The new insurance platform, the Bima Sugam, is likely to be a one-stop shop for buying and selling insurance, for policy servicing, and also for claim settlement. Insurance companies will be free to onboard the new platform that will be plug and play with API (Application programming interface) interface.
IRDAI plans to include all insurance intermediaries, individual agents, web aggregators on the portal and policyholders will be able to buy the product through assisted mode, or directly.
The new digital platform will also provide the policyholder and prospective customer various options for a product, company of their choice and method of payment.
Further all customer verifications will be completed digitally by just linking Aadhaar number which will be masked for security reasons. Underwriting of policy would be done through a few easy steps and in a couple of minutes through the portal.
Further to ensure easy liability servicing, IRDAI plans to digitally store details of all the insurance policies that will help in settlement of claims in a paperless manner on the basis of policy number.