Bimaplan, a leading insurtech B2B2C startup is helping drive insurance adoption through technology to provide financial security to the underserved segment of the country.
Through its full stack embedded insurance platform UNO, Bimaplan is providing an array of insurance coverages including travel accidental death, etc. by offering customers the choice to apply insurance claims hassle-free on its platform. To know more about the process, Mid-Day got into conversation with Vikul Goyal, Founder and CEO of Bimaplan.
1) What inspired you to start Bimaplan?
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We started Bimaplan with the idea to build financial capacity for the underserved when they were trying to endure the adversities of the Covid pandemic. Three years ago during the first lockdown, migrant workers were displaced and stranded due to the complete shutdown of the cities. As they were always working and earning on a day-to-day basis, these workers didn’t have savings/ insurance or any financial tool to bank upon and hence were forced to walk back home.
That made me think about how unexpected events can push a family into a poverty trap and how imperative it is to uplift them. To avoid this sort of situation, equipping them with insurance, be it health, life or even simple daily hospital cash at an affordable price can ensure social as well as financial security.
2) How does Bimaplan reduce the TAT and insurance claim process, and what makes it different from other insure-tech startups?
Customers seek simplicity in every process and technology has streamlined and shortened the claim process journey as well. Traditionally, it took 40 days to just submit the documents which now happens at the click of a button.
The AI-powered systems automatically process claims based on predefined rules and criteria, which can help reduce delay and bring efficiency. At Bimaplan, we follow human-led, tech-powered solutions to make the process transparent and effective for the policyholder. In addition, we also ensure he is not burdened or reached out for further documentation, unless necessary. We gather important details beforehand and remain ready to answer and submit more information to the insurers so that the customer is not bothered and this even reduces dependency on customers as well for the process that would have taken 3 days to respond to.
Furthermore, there are also cases where insurers need very specific documents in which customers can get stuck. As Bimaplan is in direct contact with the insurer, we are able to take timely action and share the relevant documents with the insurer.
Use of technology creates a win-win for both insurance companies and customers as automation certainly reduces the cost of a claim by as much as 30% and customers can get insurance claims at their convenience without getting stuck with paperwork.
3) Can you share any success stories or case studies of customers who have benefited from Bimaplan's services?
As we are always striving to uplift the lives of the underserved segment of India, Bimaplan is bringing a positive change in people’s lives every day. One of the most interesting and recent claim stories is of a Mumbai-based carpenter who attained an injury in his foot while he was working at his site one day. The doctor advised him to take bed rest which could affect his everyday earnings. But, he had Bimaplan’s personal accident insurance plan and reached out for the claim process.
Bimaplan took responsibility for the entire claim process including his documents submission in a jiffy. With our streamlined and automated process, he didn't have to follow up again and again. While he recovered, we got his claim approved and even received the reimbursement against hospital expenses and loss of pay. He even recommended our plan to his friends in the same profession, so that they don’t feel strangled in their time of need.
4) What is your long-term vision for Bimaplan, and how do you see it evolving in the insure-tech industry?
Being a new-age insurtech platform, we strive to identify the risk gaps i.e. the needs of the underserved people who are under financial risk and require insurance protection. We have taken the initiative to create the right products accessible to people at the right time and at affordable price point
With Bimaplan’s inception, we are on a mission to build India’s largest insurtech platform which helps provide access to necessary insurance products to people who are underserved by existing solutions. In addition, we are building a distribution channel that increases insurance awareness significantly, while contributing to India's financial inclusion.
5) How does Bimaplan leverage technology to streamline the insurance claim process, and what role does AI and machine learning play in this?
We have portals for every partner we integrate insurance with, and the partner's POCs can access their customers and policy details through a dashboard, where they can instantly file for claim as well on their behalf. This makes the process easier for partners as to initiate the claim they don't have to reach out to us and can submit the documents in the dashboard itself.
Additionally, digital KYC is making the claim process more efficient and convenient for customers while ensuring the security and authenticity of the process as it eliminates the need for physical verification of documents which results in reducing the time required for processing. Furthermore, AI-powered chatbots provide personalized customer support to ensure the customer gets 24/7 support w.r.t claims and can get real-time updates
6) Can you walk us through the step-by-step process of how a customer files an insurance claim with Bimaplan, and how long it typically takes to process?
Bimaplan is recognized for simplifying the claim process for policyholders as well as partners. We provide end-to-end support in claims management, to make sure the partners don't have to intervene.
Recently, we have launched a WhatsApp claims portal in addition to our existing call or email facility to make it more comfortable for the policyholder. He/she can initiate the claim by just providing the policy number on WhatsApp and the documents as attachments. Our team quickly confirms if they need additional documents, and then proceeds to file the claim. After submitting documents, our team takes over the entire process and gets the claim processed. The policyholder is then updated on WhatsApp regarding the status and he can even check the real-time status himself on the portal.
Our customers sometimes do not understand how terms and conditions attached to a policy can dominate the claim process. So if the customer receives a suspicion document and the claim gets rejected due to violation of any terms and conditions, such as the waiting period for PED not being followed, we inspect the case first to ensure that rejection is fair and then make sure the customer is made aware of the reason. On the other hand, in the case of positive scenarios, the claim amount gets credited to the policyholder's bank account within a few days of claim filing.
Depending on the case's complexity, the entire process from filing a claim to its settlement is usually completed within 15 days.
7) What types of insurance does Bimaplan currently offer, and are there plans to expand into other areas in the future?
Bimaplan is a tech-driven insurance platform that enables the creation of highly relevant insurance products. We offer various tech-based products that make insurance selling and buying seamless and simple. Our API kits can be configured seamlessly to provide insurance to a company’s consumer base and we do have portals and less tech-heavy platforms that are compatible with companies lacking technology strength or support. To enable this, we co-create and customize insurance plans with those companies and underwriting partners in a way that ultimately becomes the most effective insurance plan for the end consumer.
8) Finally, what sets Bimaplan apart from other insure-tech startups, and how do you plan to maintain a competitive edge in the market?
At Bimaplan, we are focused on providing essential insurance products to the underserved section of the country. With our full-stack embedded platform, we have been distributing relevant products to our customers seamlessly. By educating our target segment on how to be more digitally active, we have been creating awareness amongst them for not only using our platform but also being efficient enough to avail of other essential services that are present on various digital platforms and our customer-centricity is what sets us apart from others.
All our insurance plans are specially curated by keeping the spending power of this particular target section of society with low premium which helps us maintain an edge in the market.
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