Page 21 - Insurance Times April 2023

How much of a disruptor will be Bima Filing claims electronically can offer a number of
benefits, such as :
Sugam be?
Minimize disruptions to cash flow- Claims submitted
To respond to the poser, raised in the title of this essay, it is
electronically will be processed more quickly, resulting
evident that the Bima Sugam portal will leverage technology
in faster payment.
albeit with many differences from the existing web
Monitoring claim status- It allows for verification of the
aggregators in the field. By retaining a human touch with a
status of the submitted claims via a secure Internet
digital approach for internal and customer-facing operations
connection, by day and night.
it is very likely to be a disruptor in the arena of web-
Increases accuracy and cuts down on claim
aggregators.
rejections- While paper claims are often rejected due
to inaccuracies or omissions etc submitting claims
Generally speaking, an insurance aggregator may be defined
electronically can result in fewer lost or incomplete
as an insurance intermediary with an insurance broker's
claims.
license who operates an online platform, whether hosted
on an Internet website or available as a smart device Cuts down the paperwork- Electronic claim submission
eliminates the need to fill out and store paper claims
application, which provides price comparisons and facilitates
and simplifies record keeping.
the purchase of insurance on behalf of insurance companies.
Thus insurance web aggregators collect, compile, and
Web-aggregators so far active in the field, will possibly have
provide information about different companies' insurance
to take a back-seat to Bima Sugam at the initial stage. It
policies on a website.
remains to be seen how they evolve after the launch of Bima
Sugam, since their playing-field will now be much more
They act as intermediaries between the insurance
competitive. With its enhanced features and the intention
companies (insurers) and people who intend to purchase
of allowing on board other intermediaries such as agents,
insurance policies. Insurance Web Aggregators are allowed
brokers and web-aggregators Bima Sugam may be termed
to sell Life, General and Health Insurance products through
a super-aggregator site with the additional feature of
online and distance marketing modes. Web aggregators
government backing and supervision. It would not be over-
have to adhere to prescribed eligibility criteria and are
optimistic to assume that it is bound to generate confidence
licensed by the Regulator. As of 31st March, 2022, there amongst customers and generate impressive volumes of
are 25 numbers of insurance web aggregators licensed by business.
IRDAI. Some insurance web aggregators are
InsuranceDekho, Coverfox, PolicyBazaar, GIBL, PolicyX, Conclusion
ComparePolicy etc.
The Bima Sugam portal has generated lot of expectations
from customers. However, its launch appears to be delayed
As far as claims are concerned, web-aggregators guide
as it was originally scheduled to go live from the beginning
customers through the process of lodging their claims with
of this year and it is yet to be launched. It is to be hoped
the insurers and even pursue claims on behalf of customers,
that this portal is launched soon and ushers in a new era of
to some extent. But the Bima Sugam portal goes a step
convenient digital purchase and faster claim settlement for
further and will also allow for claim settlement through the
customers.
portal. No doubt, this is an ambitious step and will provide
respite to customers from the current process of claim References
settlement which is long and cumbersome. 1. https://www.livemint.com/insurance/news/bima-sugam-
to-be-a-game-changer-for-the-insurance-sector-irdai-
For example, by ushering in the process of electronic claims chairman-11667114841697.html
which would possibly include a paperless claim form 2. https://www.newsncr.com/insurance/irdai-approves-
generated by computer software that is transmitted bima-sugam-insurance-exchange-platform-these-
electronically over the smart phone or computer to an facilities-will-be-available/
insurer in place of a manual claim form it would save time 3. https://www.bankersadda.com/bima-sugam-portal/
on part of both the customer and insurer and streamline
4. (you tube video) available at https://www.youtube.com/
the claim process. watch?v=ojJ4u22mb8w

The Insurance Times April 2023 19