The Bima Sugam digital platform will offer many benefits to customers and providers. Let’s have a look:
1. The new digital platform will provide more security to the customers as there will be no requirement for maintaining and safekeeping the physical document. It also aims to make the process hassle-free for the policyholder at the time of renewal with no paperwork. Also, there will be E-BIMA or E-IA account for policyholders in Demat format to create a framework and give a further push to end-to-end digitisation of the ecosystem.
2. Bima Sugam will also clear the way for the new entrant start-ups who are embracing a Sandbox approach in terms of unique offerings like OPD covers, and so on.
3. It will help individuals review and buy policies from one single regulator-approved platform rather than visiting different insurers’ websites.
4. The individuals will also get the benefits of reduced commissions as the companies will be directly selling the policies on the platform. However, insurance intermediaries will also be on board. But, industry officials say that commissions paid to the intermediaries will also come down. It will result in cheaper policyholder premiums and increased investments in insurance-cumulative programmes.
5. Bima Sugam will undoubtedly help customers who face difficulty with existing agents in terms of services. And, it will also help customers get better and more secure after-sales services.
6. The next big benefit is for the existing insurance repository as they will also get a boost in terms of all insurance companies subscribing to it as an approved person.
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