The Insurance Regulatory and Development Authority of India has issued a press release on Bima Manthan. The third edition of Bima Manthan took place at Hyderabad on 1st and 2nd March, 2023.
The industry registered year on year growth rate of 18% till Jan 2023, with general insurance industry recording 17% and life insurance industry clocking 18%.
Various initiatives by the lead insurers in their respective states were showcased like Jeevan Beema Jagruti Abhiyan in Jharkhand, digital campaign in Ladakh, comprehensive survey on insurance awareness across 10 cities in Chhattisgarh etc. It was agreed to formulate a 5-year plan to increase footprints of lead insurers in their respective states.
Insurance Information Bureau of India (IIBI) also showcased how advanced data analytics can help the industry and presented demo of ‘Bima Satark’ – a fraud prevention tool created in-house by IIBI for health insurance. The industry was encouraged to put Digital First in their data strategy.
All the themes of the 3rd Bima Manthan revolved around customer centricity, confidence and convenience and to support the insurance sector in transition to changing global scenario.
