The Insurance Regulatory and Development Authority of India convened the ninth Bima Manthan quarterly meeting with insurers’ chief executives, taking stock of sector performance and setting priorities around last-mile access, risk management and stronger public disclosures and compliance. The discussions also provided an implementation update on the phased launch of the Bima Trinity programme and introduced a draft State Insurance Plan intended to deepen inclusive insurance coverage through coordinated, multi-tier governance. Key topics included strategies to expand physical presence in every district alongside a phygital approach, strengthening risk management frameworks with particular focus on cyber risk, and greater use of advanced analytics from the Insurance Information Bureau of India. IRDAI highlighted the need for stress testing, scenario analysis and effective asset liability management, alongside investment diversification insights presented by the National Bank for Financing Infrastructure and Development, and urged insurers to develop a roadmap for listing. Expectations were reiterated for timely and transparent website disclosures, seamless claim settlement, prompt grievance redressal and timely implementation of Ombudsman awards, alongside the use of the regulatory sandbox to drive innovation and a presentation on the Ministry of Electronics and Information Technology’s Entity Locker digital infrastructure. Distribution reforms under development were discussed with an emphasis on improving performance and productivity of channels and strengthening training and career pathways for intermediaries. On Bima Trinity, the Bima Vahak portal for a women-centric local field sales force is near completion with a soft launch for onboarding starting April 2025. The operating model for Bima Vistaar, described as a composite product spanning death, personal accident, property and surgical hospitalization under an omnibus co-insurance arrangement, has been signed off by industry leadership and the project mechanism has been upgraded to complete the remaining technology build. Implementation of Bima Sugam, positioned as an insurance electronic marketplace for policy purchase, servicing, claims settlement and grievance redressal, is described as on track, with Bima Sugam India Federation having completed incorporation and foundational actions and moving to capitalization by industry participants.
Insurance Regulatory and Development Authority of India 2025-02-14
Insurance Regulatory and Development Authority of India outlines phased rollout of Bima Trinity and unveils draft State Insurance Plan at Bima Manthan CEO meeting
The Insurance Regulatory and Development Authority of India held the ninth Bima Manthan meeting, focusing on sector performance, last-mile access, risk management, and public disclosures. Key initiatives include the phased launch of the Bima Trinity programme, with the Bima Vahak portal nearing completion, and the Bima Sugam marketplace progressing as planned. Discussions covered strategies for expanding physical and digital presence, enhancing risk management, and improving distribution channels and intermediary training.