Page 11 - Insurance Times July 2023

cyholder to use electronic communica- enable India to become a global rein-
IRDAI asks insurers to
tion wherever possible for correspon- surance hub," Panda said.
create ABHA IDs for dence while initiating the claim and fil-
The regulator has sent some proposals
ing all the relevant documents. Efforts
policy seekers to the government for amendment of
shall be made to ensure that digital pro-
the Insurance Act which will facilitate
IRDAIhas directed insurers to create cesses are resorted to the extent pos-
entry of differentiated players in the
Ayushman Bharat Health Account sible for assessment of claims," it said.
sector.
(ABHA) IDs, the 14-digit unique iden-
tifiers to be issued to all citizens, for IRDAI set to launch single "We have sent some proposals to the
government for amendment of the In-
both new insurance seekers and ex-
policy covering life, health
isting policyholders. surance Act. It will enable entry of new
& property players in the form of micro, regional,
The unique ID enables citizens to au-
small, captive, specialised players and
IRDAIis looking to launch a bundled
thenticate, access, and manage
product which will provide life, health, even composite licenses," Panda said.
their health records digitally and fa-
casualty and property cover in a single The move will help insurance compa-
cilitates hospital and doctor appoint-
insurance policy at an affordable price, nies to cater to different geographies
ments, helping patients avoid long
its Chairman Debasish Panda said. and strata of the population.
queues for registration at healthcare
IRDAI is working on the product along
facilities. The ID is part of the
with the General Insurance Council and IRDAI challenges stay on
Ayushman Bharat Digital Mission
Life Insurance Council, Panda said.
(ABDM) being implemented by the Sahara Life Policies' trans-
He said the 'Bima Trinity' will include
National Health Authority (NHA).
fer to SBI Life
Bima Sugam, the digital platform, Bima
While NHA has created 402.6 million
The Supreme Court declined immedi-
Vistaar, a comprehensive cover for the
ABHA IDs so far, the target is to cover
rural population on benefit based/para- ate hearing on a petition filed by
all Indians.
metric structure and Bima Vahak, a IRDAIchallenging an order of Securities
Since 2022, the IRDAIand NHA have women-centric distribution channel to Appellate Tribunal (SAT) staying the in-
been trying to expedite ABHA ID cre- focus on reaching untapped/rural areas. surance regulator's decision to trans-
ation, and as part of the discussions, fer nearly two lakh policies under Sa-
"Bima Sugam will be the protocol or the
they have explored accelerating in- hara Life to SBI Life.
platform. Bima Vistar is a product
surance claim processing by adopt-
where we are trying to design it in a Appearing for the regulator, solicitor
ing the ABDM framework. "ABDM
manner which will be accessible to the general Tushar Mehta told a vacation
is working on developing the neces- common man. It will be a bundled prod- bench of Justices Surya Kant and M
sary information to support an inte- uct of life, health, causality and prop- Sundresh that IRDAI had on June 2 di-
grated digital health system in the erty," Panda said. rected transfer of the policies to SBI as
country. Sahara India Life Insurance Company
Developing reinsurance (SILIC) has been facing financial and
Digitization will help bridge the gap
governance issues and failed to comply
among different stakeholders of the hub in India
with the regulator's directions given its
healthcare ecosystem, of which the
IRDAI is working towards making India
deteriorating financial conditions.
insurance industry is a significant
a global reinsurance hub, Chairman
part. It would be beneficial for Debasish Panda said. Mehta said that the stay on the June 2
order of IRDAI for transition of Sahara
insurers to capture the ABHA num-
The IFSC Gift City in Gandhinagar can
policies to SBI Life has created a hiatus
ber of proposers if already existing
become the edifice on which the global
as there is confusion as to which one of
or help create one for them after
reinsurance hub can be created within
them during the interregnum would
obtaining their consent," Yegnapriya
the country, he said while speaking at a
receive the premiums paid by policy-
Bharath, chief general manager
CII event.
holders and which one would settle the
(health) at IRDAI, said in a letter to
"We are making efforts towards build- claims as also payments towards ma-
all insurers.
ing a reinsurance landscape which will turing policies.
The Insurance Times July 2023 11