The Insurance Awareness Committee Applauds Bima Gram API

News Desk, News Nation 360 : The Insurance Awareness Committee (IAC-Life) believes Bima Gram API will transform rural insurance penetration. The Insurance Regulatory and Development Authority of India (IRDAI) recently launched the Bima Gram API, a groundbreaking digital initiative aimed at streamlining and authenticating insurance coverage data in rural India. Speaking on the launch, a Member of the Insurance Awareness Committee (IAC-Life) stated that the development of the Bima Gram API is a significant step forward in increasing rural insurance inclusion, as well as deepening and quantifying insurance penetration in rural communities. Beyond assisting insurers in assessing their rural penetration efforts, the API will allow to create complete baseline statistics for future policy formulation and resource allocation. Bima Gramme API is set to usher in a new era in India's life insurance industry by ensuring that every rural household is served and accounted for in the country's financial safety net. The Bima Gram API was developed in association with NIC and the MoPR, CEPT, Department of Posts, and IIBI. It integrates postal PIN codes with LGD codes to create a single verifiable database for the identification of rural areas. Insurers can now use a customer's postal PIN code to obtain the corresponding GP name for seamless digital verification of the policy's rural location. This development assists in meeting the IRDAI's RuSo mandates for insurers: to cover minimum percentages of lives, dwellings, shops, and vehicles in rural GPs. Previously, there was inaccuracy in rural area coverage mapping because most IDs did not contain the name of a GP, which entailed time-consuming manual verifications. The Bima Gram API uses a trusted government source in the automatic certification and verification of settlements, enhancing the accuracy, speed, and efficiency of rural insurance penetration measurement and business reporting while reducing cumbersome paperwork and manual verifications.