This technology-led portal will help in expanding the insurance penetration in the country by ensuring hassle-free experience for the customers across the country.
Debashish, Chairman, Insurance Regulatory and Development Authority of India (IRDAI) panda Insurance should be accessible, said in an interview with PTI is i Moment for the insurance industry.
Unified Payments Interface (UPI) has revolutionized digital payments in the country as common people have started using it even for small payments. In a short span of time, the success of UPI has attracted global attention and many countries are trying to replicate it. Launched in 2016, payments through UPI has crossed the Rs 11 lakh crore milestone in September this year.
“Bima Sugam will be a one-stop shop for buying and selling insurance, for policy servicing, and also for claim settlement. Insurance companies can come on the platform. It will be plug and play with API (Application Programming Interface) interface. has been,” Panda said.
He further said that all insurance intermediaries including individual agents, web aggregators will have access to this portal.
And as far as the policyholder is concerned, he said, he will be able to buy the product through the subsidiary mode or directly. “So maybe a lot of people may prefer the assisted mode and take the help of one of the middlemen,” he said.
The platform will provide the policyholder and the potential customer with various options for the product, company of their choice and mode of payment.
“So it’s like a shopping mall. So you go there and shop. And as far as KYC As regards, the moment you login to the portal, type in your Aadhar number, the data will be auto-populated. KYC will be done through your Aadhaar number, which will be hidden for security reasons.”
He said that the underwriting of the policy would be done through few easy steps and through the portal in few minutes.
In order to ensure easy liability servicing, he said, “We are trying to make it mandatory that all policies go to the insurance repository which will store the details on a permanent basis. This will allow for claims based on the policy number in a paperless manner. Will help with the settlement.”
The portal, he said, will “promote ease of living and expand the reach of insurance… This is going to be a game changer. It will be a huge facilitator and I think with this platform you have to be physically challenged.” There will be no need to go anywhere.”