Bimaonline Seeks Brokerage Licence

Bimaonline, the insurance portal operating from Hyderabad is seeking a brokerage licence from the Insurance Regulatory and Development Authority (IRDA). It already has 125 insurance agents on its registers.

Bimaonline's aim is to act as an interface between insurance companies, brokers and the customers in the post-liberalised era. "We will utilise the Internet to serve the insurance needs of people and corporates," explained chief executive B Anand. The initial version of the portal launched on March 1 provides information that serves as a single-point reference for all kinds of individual consumers.

The information covers aspects from basics of insurance, policies offered by insurance companies to events and programmes related to the industry. Automated online advisory services, agents' home pages and computation of premiums are unique to the site.

 

The initial version also serves as a virtual community for insurance professionals with features like latest insurance news, career opportunities, insurance education, message board for discussions.

The work is already progressing on the second version, which will include information and consultancy services." Later versions will include online transactions and the technology for selling on the Internet has already been developed by us", said Anand. The portal awaits announcement of IRDA rules to launch on-line transactions.

Out of a total number of 150 general insurance products, only 8-10 are really sold by the General Insurance firms. Same is the case with life insurance policies. "We want to educate the consumers on need based insurance through the portal," Anand told Business Standard.

The promoters will spend around Rs 15 to 20 crore over a period of three years on technology and publicity. "We have already received Rs 2 crore from angel investors in US and Singapore. In another month's time next tranche of Rs 1 crore will come in from them", added Anand.