IRDAI issued a press release on February 14, 2025, announcing the ninth edition of Bima Manthan, a two-day quarterly meeting with CEOs of insurers held in Hyderabad on February 13-14, 2025, featuring candid discussions on various aspects. The key highlights of the press release are as under:
- The performance of the industry was reviewed in terms of growth, new business generation, and persistency rates. Discussions focused on enhancing the long-term value proposition of insurance products to better meet policyholders’ financial needs.
- Discussions focused on the need for collective efforts to improve the customer journey, enhance inclusive insurance, and make insurance accessible nationwide, with an emphasis on expanding physical presence in every district while adopting a phygital approach.
- Discussions focused on strengthening the risk management framework to address challenges like cyber risks, with updates on the use of advanced analytical tools from the Insurance Information Bureau of India (IIBI) and a focus on necessary risk mitigation measures.
- Discussions highlighted the need for stress testing, scenario analysis, and effective asset-liability management, with the National Bank for Financing Infrastructure and Development (NaBFID) presenting insights on infrastructure investments and bond markets, emphasizing the importance of insurers having a roadmap for listing.
- The Regulator emphasized the importance of ensuring timely and transparent public disclosures on websites of insurers.
- Insurers were advised to ensure smooth claim settlements, prompt grievance redressal, and timely implementation of ombudsman awards, with a focus on strict adherence to regulatory stipulations and zero tolerance for non-compliance.
- The Regulator encouraged insurers to leverage the regulatory sandbox for innovation in products and processes, while a presentation on “Entity Locker,” a digital platform by NeGD, highlighted its potential for transforming business document management and verification.
- Distribution reforms aimed at empowering insurance intermediaries were discussed, focusing on enhancing performance, productivity, training, capacity building, and creating career paths to offer better employment opportunities and sustainable revenue.
- The State Insurance Plan, discussed for rollout on a mission mode, aims to deepen insurance penetration and broaden coverage across States and Union Territories through a multi-tier governance mechanism, leveraging technology to meet regional needs and create local employment opportunities.
- Bima Trinity, comprising Bima Sugam, Bima Vahak, and Bima Vistaar, is progressing towards phased implementation, with significant milestones achieved. Key updates include the near completion of Bima Vahak’s portal, the development of Bima Vistaar’s composite product, and ongoing progress with Bima Sugam’s digital marketplace for seamless insurance services and claims.
- Bima Sugam India Federation (BSIF) has completed its foundational actions and is ready for capitalization by industry participants, with the building blocks of Bima Trinity now in place.
- The meeting concluded with a reaffirmation of the industry’s commitment to expanding insurance access, improving claim settlements, strengthening governance, and leveraging technology, as IRDAI focuses on creating a transparent, inclusive, and policyholder-centric insurance ecosystem with a goal of “Insurance for All by 2047.”
A copy of the Press Release is attached for your ready reference.
Source category: IRDAI
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