Bima Stack promises seamless insurance claims, better access for all

Bima Stack makes purchasing insurance simpler, speeds up claims and strengthens access to products. It gives people control over their data

The insurance sector is at a critical juncture. Despite impressive growth in premium income – from Rs 1 trillion in FY05 to more than Rs 6.7 trillion in FY24 – the sector has yet to fully realise its potential in terms of broader penetration and improved customer satisfaction. The Insurance Regulatory and Development Authority of India (Irdai) is transforming the industry by leveraging technology to overcome challenges.

 

The Bima trinity – Bima Vistaar, Bima Vaahaks and Bima Sugam – incorporates a technology framework that may be referred to as Bima Stack. Much like how India Stack transformed payments, Bima Stack