Last week in Mumbai, IRDAI Chairman Debasish Panda met with the CEOs of a few insurance companies to rekindle interest in these initiatives, according to The Indian Express. To increase insurance penetration and streamline claim processes, IRDAI is planning to execute the Health Claims Exchange and Bima Sugam high-tech projects by August 1.
A new Bima Sugam strategy has been finalised with a small group of CEOs from the life and non-life insurance industries, while the quicker completion of a Health Exchange platform was discussed with CEOs of the general insurance industry.
Health insurance claim submission will be digitised and made simpler through the Health Exchange platform. Said platform saves insurers money on each claim while also being quick and hassle-free. Hospitals and policyholders can monitor the status of claims online. The software will also permit the claim amount's automatic fund transfers.
Irdai approved had originally approved the concept for the Bima Sugam platform in 2022 and started discussions about it. Irdai chairman Debashish Panda had predicted that Bima Sugam will revolutionise the insurance sector at the time.
In order to select service providers for the Bima Sugam platform, Irdai will soon release requests for proposals (RFPs). These service providers will be in charge of setting up and maintaining a platform that will house all of the services. The insurance firms, service providers, aggregators, and the agent body are reportedly set to contribute Rs 100 crore to the platform
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