Source: TH
Context:
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced the Bima Gram API to digitally strengthen insurance penetration in rural India. The pilot phase has been successfully completed.
Key Features of Bima Gram API
Digital Validation of Rural Policies
- Insurers can digitally authenticate policies sold in rural areas.
- Policies can be accurately mapped to specific Gram Panchayats.
Reduction of Manual Processes
- Cuts down manual paperwork.
- Improves accuracy and reduces errors in rural insurance reporting.
Enhanced Speed & Reporting Efficiency
- Faster processing of rural business data.
- Strengthens compliance and rural business monitoring.
Creation of Baseline Datasets
- Helps insurers build reliable data repositories on:
- Rural insurance coverage
- Penetration patterns
- Policy distribution at village level
- Supports future product planning, pricing, and resource allocation.
