Page 47 - Insurance Times October 2023

not forget the importance of product knowledge. The insurance distribution channel, which is likely to foster
nuances hidden within policies' add-ons can make all the greater trust and build awareness about distribution of
difference. Your understanding, your expertise, your warm insurance products in the rural parts of India.
smile -these are the pillars that will build enduring Bima Vistar - Comprehensive cover for rural population on
relationships with our clients.
benefit based scheme to bring to the forefront schemes like
Remember, our promise goes beyond selling policies. It's parametric insurance among others, in order to provide wide
about being there when it matters most. When claims arise, coverage for rural India in the event of natural disasters,
it's our responsibility to ensure they're met. Let's not find such as floods, and earthquakes, to name a few.
ourselves in situations where misunderstandings or
Bima Bharosa - The Integrated Grievance Redressal System
oversights lead to legal disputes. We must ensure clarity,
(IGMS), launched in 2011, is being upgraded to make it
even down to the smallest details.
more convenient for customers. It is to be renamed as Bima
Our agents play a pivotal role in conveying this message. Bharosa. The revamp will include an option of filing
But let me emphasize, it's not just about adhering to a complaints in regional languages.
commission structure. It's about truly comprehending the
needs of our clients and guiding them with wisdom and Bima Sugam - Bima Sugam's objective is to deliver a
empathy. comprehensive digital experience that covers every stage
of life and non-life insurance, including policy purchase,
Let's shift our focus from profits to service. Profits are an
renewals, claim settlement, and even agent and policy
outcome; service is our endeavour. A settled claim not only
portability. The platform strives to offer an all-inclusive
fulfils a financial obligation but also engenders trust. It's a digital journey for users, ensuring convenience and efficiency
testament to our commitment. Agents, I implore you to be throughout the insurance process.
a beacon of this commitment. Your presence during a
client's time of need, your compassion -these are the Advantages of Bima Sugam
hallmarks of the human touch that makes us different. 1. Compare and buy policy online -No push for purchasing
Shri Santanu Giri, Regional Manager, Kolkata Regional product from any specific company
Office, United India Insurance spoke on 'Training and 2. Freedom from filling lengthy forms
Development Initiative for Agents'. He stressed that Training
is a continuous process. It is mostly gathering knowledge 3. Lower distribution cost and affordable premium
and updating oneself with time. It may be formal like class 4. Offers electronic insurance account-No need for physical
room lectures. Or, be informal, like interacting with people, issue of policy
reading newspapers, journals, watching TV, listening/ 5. Reduce misselling and fraud
watching videos of intellectuals. He added that the Agents
6. Enhancing the overall claim experience for policyholders
are the face of our industry, their way of talking; attitude,
and reduce claim settlement time
voice modulation, and behaviour directly affect the
relationship with the client. 7. Launch of bundled product covering life, health and
Dr. Rakesh Agarwal, Editor, The Insurance Times shared property
his thoughts on 'Proposed Bima Sugam, Its D2C Impact on He outlined few Challenges for Bima Sugam
Agents'. He outlined the activities undertaken by IRDAI in 1. First and foremost challenge is to bring customers to
last few years under the chairmanship of Mr. Debasish Panda. online platform. In India Insurance is sold not bought.
According to him IRDAI has announced a mission 'Insurance Customers in most cases do not come forward to buy
for All' by 2047, where every citizen has an appropriate life, insurance unless it is a statutory requirement or gets a
health and property insurance cover and every enterprise
is supported by appropriate insurance solutions and also to push from Insurance Intermediary. Yes few segment of
make Indian insurance sector globally attractive. population would definitely use it for product
comparison and purchasing but to assume that people
Basically to achieve these objectives IRDA has in mass would flock to portal to purchase insurance is

launched 4 B's- something highly unlikely.
Bima Sugam, Bima Vahak, Bima Vistar, Bima Bharosa He referred some data of distribution of life insurance
Bima Vahak - Bima Vahak intends to form a women-centric products in the Indian Insurance Market.

44 October 2023 The Insurance Times