The IRDAI is working to implement, by 1 August, two high-tech projects – Health Claims Exchange and Bima Sugam – to deepen insurance penetration and simplify claims procedures.
IRDAI chairman Debasish Panda met the chief executive officers of some insurance companies last week in Mumbai to give a new impetus to these projects, reported The Indian Express.
While the faster completion of a Health Exchange platform was discussed with CEOs of the general insurance industry, a new Bima Sugam plan has been finalised with select CEOs of life and non-life insurance.
The Health Exchange platform, which is being set up by the National Health Authority, will digitise and simplify the process of filing health insurance claims. The proposed process is not only quick and hassle-free but also reduces costs per claim for insurers. Policyholders and hospitals can track the claim status online. The platform also enables automatic fund transfers of the claim amount.
The proposed exchange will be a unified platform for claims and policyholders’ medical history, which will help in reducing insurance fraud.
At the same time, IRDAI has been working on plans to create a super tech platform Bima Sugam. Some of the basic features have undergone changes for the easy implementation of the project.
Bima Sugam is to be the largest online market for insurance products and services. The IRDAI plans to issue requests for proposals (RFPs) soon to appoint a service provider for the platform. The service providers will be the technological partner for creating and running a platform to provide all insurance services on one platform.
