Page 40 - The Insurance Times September 2025

Escalation in legal complaints under Claims servicing in Transition from Rule-based to Principle-
health & life insurance.
based Regulations

These issues were discussed in the recently held 9th Bima- The objectives of BIMA TRINITY are:
Manthan meeting conducted under the aegis of IRDAI 1. To design user friendly products within affordable
chairman & CEO Mr. Debashish panda with CEOs of all premium.
insurance companies (Life, General and Health) participated 2. To simplify the process of insurance distribution
in it. The meeting has resolved to achieve the mission of fully channel.
insured India by 2047, through implementation of several
4. To promote single-window post sale service.
reforms inter alia, to ensure inclusive growth, to increase
insurance Penetration, to create a robust insurance 5. To ensure Inclusive growth of left out segments in urban
infrastructure and to promote Insurance literacy. and Rural India.

The goal is to make insurance more accessible, affordable The THREE key components of BIMA
and efficient by advocating transition from a traditional rule- TRINITY are:
based regulatory system to a stakeholder friendly principle-
based system using disruptive techniques. 1.Bima Sugam
It is a unified public digital marketplace that simplifies the
Important initiatives are: process of selling, servicing, and settling Insurance claims.
It brings together different insurance companies under one
1. Free hand is given to insurers to decide on remuneration
digital roof, offering consumers a seamless buying
to their distributors, but within the overall cap set by
the regulator. experience, making insurance more user-friendly and
efficient.
2. To increase FDI to 100% to welcome Global Players into
insurance.
Features:
3. To Enable insurance agents to have licence from more I. The policyholders do not require to visit multiple sites/
than one insurance company from all the three places to buy insurance or to get service. insurance
categories of insurance. would become predominantly a digital product just like
4. To reduce the minimum capital requirement to 50 a bank product/ mutual fund.
Crores for companies to enter the insurance industry. II. It helps customers to buy a suitable product out of
5. To create a platform called BIMA TRINITY where one many available. They can compare the prices/benefits
can get everything related to life, general and health and make purchase decisions.
insurance. III. Customers can manage their policies across life, health,

and general on one platform.
Agent to get licence IV. The distributors are benefited immensely by selling the
from multiple companes.
products with lesser price and in lesser time.
Minimum capital 50 Cr. V. Customer need not give physical Identity proof under
KYC norms as it gets auto populated through Aadhaar
100% FDI as Bima Sugam is connected to the server.
VI. Customer can make the premium payment through UPI
Free hand to Cos. to
manage expenses and once the payment is successful, the companies can
immediately issue digitised policy with quick
underwriting machines.
Bima
VII. The speed in issuance of polices makes the sales more
Trinity efficient and helps in increasing the remuneration of the
distributors.

The Insurance Times September 2025 37