Bima Sugam will not only make it easy for you to buy the policy but also provide renewal and port facilities. The best thing is that it can also be claimed. Claim settlement experience will improve a lot
The traditional business model of insurance is constantly changing. The ways of delivering products and services to customers are changing. The results of Swiss Re ‘s study show that after the Corona epidemic, the use of digital methods for transactions has increased. Now more people are buying insurance online. Data from five major cities shows that it is no longer appropriate for insurance companies to limit themselves to the offline model. They also have to increase the use of digital methods to attract new generation customers.
A study by IDF FutureScape predicts that by 2040, 50 per cent of life and non-life policies will be sold through fully automated and personalized insurance engines. Keeping these things in mind, IRDAI has proposed to start an online insurance marketplace. Its name will be Bima Sugam.
What is Bima Sugam?
It is a kind of e-commerce platform. Insurance companies will sell their products on this. All insurance companies selling life and non-life will be present on this direct-to-customer platform (D2C). All types of services including policy purchase, renewal, claim settlement and policy settlement will be available on this. On purchasing the policy, its soft copy will reach the customer through the electronic insurance account.
Due to this platform, the claim settlement experience will also improve. The reason for this is that all the information related to the policy will be available online. With this, the policyholder or his nominee will be able to access them easily while filing the claim. Due to this portal, it will also be easy for the policyholder to port the policy and the agent.
These will also be advantages
The customer will no longer need to fill long forms. The commission paid to intermediaries will come down. Overall, it can be said that due to Bima Sugam, most of the problems faced by the customers in the matter of insurance products will be removed. This will increase the reach of insurance companies. Also, they will be able to offer more convenience with many benefits. Right now customers have to face a lot of problems in the policy.
Access to insurance products will increase
Experts say that with the introduction of Bima Sugam, there can be a revolutionary change in the insurance sector in India. As of now, insurance penetration in India is a very small segment of the population as compared to developed countries. Though this reach is increasing, but at a very slow pace. Bima Sugam was earlier scheduled to start from January 1, 2023. But, now its launch date has been extended. It is believed that it will start in the next 2-3 months.
