The company believes that there may be a revolution in the Bima Sugam how insurance is sold, serving, and claimed, the board drives the strength, access and transparency across the board.
Vishal Gupta, CEO of PhonePe Insurance Broking Services, said, “What is the ability to do for insurance for insurance, what UPI had done for payment-make a comfortable, real-time and inter -oparable digital platforms that equally benefit customers, insurers and intermediaries.”
Part of IRDAI’s broad Bima Trinity Framework, the purpose of Bima Sugam is an integrated, open digital marketplace, where customers can purchase, management and claim insurance in all insurers.
Announced during the 9th Insurance Manthan event, the insurance trinity also includes a composite product covering life, health and general insurance, and a female-laid distribution force Bima carriers to deepen insurance entry into rural India.
For policyholders, Gupta said that Bima Sugam has promised “rapid claim settlements, better transparency and a problem -free experience”.
The insurers and middlemen, he said, real -time API will benefit from access, customer will enable servicing and innovation in broader access, especially in underscribe Tier 2 and Tier 3 cities.
Phonepe has planned to integrate API of Bima Sugam directly into its insurance platform.
The target users have to simplify insurance trips to simplify all within real-time updates, integrated visuals of policies, claim tracking, and immediate support-all digital-first, to simplify all within the mobile interface.
“We will avail our mobile and payment platform to solve accessibility challenges and enter all segments and demographics within India,” Gupta said.
“Standardized procedures and automated updates will improve rapid claim settlements, low paperwork and better customer satisfaction.”
PhonePe also emphasized that strength in its strategy is an important column.
Gupta pointed to innovations like UPI mandate – the National Payments Corporation of India (NPCI), capable of – that allows PhonePe to offer monthly premium payment options for health insurance.
This flexibility not only improves ability, but also encourages widespread adoption and deep coverage.
By integrating in Bima Sugam, PhonePe believes that it can run a greater inclusive insurance growth by offering a smooth and more powerful experience for consumers.
“Hugging digital disruption will significantly reduce the disabilities and insurance will be made more affordable. Similarly we ensure better security for adoption and every Indian.”
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