Sathe said Bima Sugam has the potential to become a game changer for the insurance industry. However, insurance is still a push product, with many customers continuing to rely on support whlie buying policies and settling claims.
Also Read | Exclusive: IRDAI wants insurance agent commissions to be based on sales effort
Sathe also said all insurance products should eventually be made available on Bima Sugam instead of limiting the platform to standard products.
Earlier, IRDAI Chairman Ajay Seth said the regulator will release a consultation paper on insurance distribution reforms within three to four weeks, focusing on customer access, transparency and pricing flexibility.
For the full interview, watch the accompanying video
Seth also said the proposed Public Insurance Registry could help reduce fraud and mis-selling through a digital data infrastructure, while insurer-owned platform Bima Sugam aims to improve product discovery and offer lower-cost insurance products by increasing competition on pricing and performance.
Also Read | India’s insurance premium growth falls to single digits as profitability pressure rises: IRDAI chairman
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