The Insurance Regulatory and Development Authority of India convened the ninth Bima Manthan quarterly meeting with insurer chief executives to review sector performance and align the industry on priorities spanning inclusion, risk management, governance and technology adoption. The session also provided an implementation update on the phased launch of the Bima Trinity, with Bima Sugam, Bima Vahak and Bima Vistaar described as progressing toward rollout, including a planned soft launch of the Bima Vahak onboarding portal from April 2025. Discussions covered growth trends, new business and persistency, alongside measures to strengthen customer value proposition and last-mile access through a “phygital” approach and expanded physical presence in every district. Risk management priorities included heightened focus on cyber risks, use of advanced analytics from the Insurance Information Bureau of India, and wider deployment of risk mitigation tools. Financial resilience topics included stress testing, scenario analysis and asset-liability management, with a presentation by the National Bank for Financing Infrastructure and Development on infrastructure investments and bond markets, and a call for insurers to develop roadmaps for listing. IRDAI also pressed for timely public disclosures on insurers’ websites, seamless claims and grievance handling, and timely implementation of ombudsman awards, while urging use of the regulatory sandbox and highlighting the “Entity Locker” digital public infrastructure developed by the National eGovernance Division. On Bima Vistaar, the industry signed off a compliance-aligned operating model for the composite product structured through an omnibus co-insurance arrangement, and the project operating mechanism was upgraded to complete remaining technology build. For Bima Sugam, the Bima Sugam India Federation has completed incorporation and foundational steps and is positioned to be capitalized by participating insurers as the build and operating entity for the platform.
Insurance Regulatory and Development Authority of India 2025-02-14
Insurance Regulatory and Development Authority of India outlines Bima Trinity rollout with Bima Vahak onboarding portal set for April 2025 soft launch
The Insurance Regulatory and Development Authority of India held the ninth Bima Manthan meeting with insurer CEOs to review sector performance and align on priorities like inclusion, risk management, and technology adoption. Updates were provided on the phased launch of the Bima Trinity, with Bima Sugam, Bima Vahak, and Bima Vistaar progressing toward rollout. Discussions included growth trends, financial resilience, and the importance of timely public disclosures and seamless claims handling.