Press Release – Bima Manthan (Third Edition)

IRDAI has issued a press release dated March 3, 2023 pertaining to the third edition of Bima Manthan, a bi-monthly series of in-person meetings with CEO/MDs of all the insurers, held at the Hyderabad on March 01 and March 02, 2023 .

The major highlights of the Press Release are as follows:

• The themes of the 3rd Bima Manthan revolved around customer centricity, confidence and convenience and to support the insurance sector in transition to changing global scenario
• Focussed discussions took place on performance of the industry in FY 2022-23 (till Jan 2023). Industry registered a YoY growth rate of 18% (till Jan 2023) of which general insurance industry recorded 17% while life insurance industry recorded 18% growth
• Insurers were encouraged to leverage existing government databases and collaborating with other agencies and regulators to expand its reach
• Insurance awareness initiatives undertaken by the lead insurers towards the implementation of State Insurance Plans were showcased like Jeevan Beema Jagruti Abhiyan in Jharkhand, digital campaign in Ladakh, etc. It was agreed to formulate a 5-year plan to increase footprints of lead insurers in their respective states
• IRDAI mission mode teams on Risk Based Capital, Risk Based Supervision Framework, and Convergence to Ind AS/IFRS presented the progress made in the respective areas and sought active role and participation of insurers for transition to the India Model of RBC & RBSF and adoption of Ind AS
• A holistic view of the account aggregator framework was presented by Sahamati, a Non-Profit Organisation and use case studies for insurance sector were discussed for leveraging the account aggregator framework
• IIBI showcased the importance of data analytics and presented a demo of ‘Bima Satark’ – a fraud prevention tool created in-house by IIBI for Health insurance. Industry was encouraged to put Digital First in their data strategy
• Health Insurance Consultative Committee presented their findings on increasing penetration of health insurance and increasing efficiencies in claim servicing
• IRDAI stressed preference to cashless mode over reimbursement mode in health insurance
• One of the major focus of Bima Manthan was discussions about prompt claim settlement and speedy redressal of grievances and the Authority has emphasized on bringing ‘EASE’ , that is Enhanced Access and Service Excellence in delivery of insurance services, in line with banking industry

Source category: IRDAI

Attachments

• /2023/160_2023-03-03_Press_Release_-_Bima_Manthan_(Third_Edition).pdf