The Insurance Regulatory and Development Authority of India (IRDAI) convened the ninth edition of Bima Manthan, its quarterly meeting with insurer CEOs, to review insurance sector performance and advance initiatives aimed at expanding last-mile access, strengthening risk management and accelerating digital transformation. The meeting also provided a progress update on the phased implementation of the Bima Trinity programme comprising Bima Sugam, Bima Vahak and Bima Vistaar. Discussions covered strategies to deepen inclusive insurance, including expanding physical presence in every district alongside a phygital approach, and strengthening risk management frameworks in light of cyber risks, including use of advanced analytical tools from the Insurance Information Bureau of India. IRDAI highlighted stress testing, scenario analysis and effective asset-liability management, heard a presentation from the National Bank for Financing Infrastructure and Development on infrastructure investments and bond markets, and emphasised that insurers should have a roadmap for listing. The regulator also stressed timely and transparent website disclosures, seamless claim settlement, prompt grievance redressal, timely implementation of ombudsman awards and zero tolerance for non-compliance, while urging greater use of the regulatory sandbox and noting a presentation on the NeGD-developed Entity Locker for business document management. A draft State Insurance Plan scheme was unveiled, proposing a mission-mode rollout anchored by a national-level mission and a multi-tier governance mechanism spanning local to central government levels. On Bima Trinity, the portal for Bima Vahak onboarding is near completion and is preparing for a soft launch starting April 2025. For Bima Vistaar, a composite product covering death, personal accident, property and surgical hospitalization under an omnibus co-insurance arrangement, the operating model has been signed off by industry leadership and the project operating mechanism has been upgraded to complete the remaining technology build. Implementation of Bima Sugam, an insurance electronic marketplace intended to support policy purchase and servicing, claims settlement and grievance redressal through digital public infrastructure, is reported to be on plan, with the Bima Sugam India Federation having completed incorporation and foundational actions and now ready for industry participants to capitalise it.

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