Yet to see guidelines from the regulator. Here is my opinion/thinking:
Being a regulatory initiative, I expect that it would be a data lake to
- Improve transparency – By mandating all insurers to disclose more data in a standardized format
- Provide online access to the policies and their lifecycle
- Automate the audit of insurers by IRDAI.
Insurance being a push and complex product needs guidance both while buying insurance as well as servicing claims. This aspect is and would continue to be fulfilled by an agent, a key catalyst to source premiums for all insurance companies.
Agents like PB might be charged a small fee to access the data as the portal will be a cost center for the regulator.
The focus should be convenience, implied by name (Bima Sugam) as well, and not cheap/free insurance.
Rest time will tell !!!
| Subscribe To Our Free Newsletter |
