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IRDAI plans to onboard Health Exchange and Bima Sugam by August 1

Written by : Aishwarya Sarthe

May 26, 2023

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Developed by the National Health Authority, the Health Claims Exchange aims to streamline health insurance claims

The Insurance Regulatory and Development Authority of India (IRDAI) is actively working on two advanced projects, namely the Health Claims Exchange and Bima Sugam, to enhance insurance penetration and simplify claim procedures. IRDAI Chairman Debasish Panda recently convened a meeting with insurance company CEOs in Mumbai to re-emphasize the importance of these projects, setting a deadline of August 1 for their implementation.

The Health Claims Exchange, developed by the National Health Authority, aims to digitize and streamline the health insurance claims process. This initiative offers speed, convenience, and reduced costs per claim for insurers. Policyholders and hospitals will have access to online claim status tracking, and the platform facilitates automatic fund transfers for claim settlements. By integrating claims and policyholders' medical history on a unified platform, the exchange will help combat insurance fraud and provide hospitals with quick access to patient medical records.  

CEOs of some insurance companies met with IRDAI Chairman Debasish Panda last week to give new thrust to these projects

The Health Claims Exchange ecosystem encourages collaboration and participation, inviting contributors and developers from the open community, particularly those in the health insurance and healthcare provider domains, to test and contribute to the system through the HCX-Sandbox environment. In parallel, IRDAI has been working on Bima Sugam since June 2022. Bima Sugam aims to create the largest online marketplace for insurance products and services, covering life, health, and general insurance needs such as motor and travel insurance. This innovative platform intends to revolutionize the insurance industry by offering a comprehensive and efficient solution for insurance requirements.  

These projects reflect IRDAI's commitment to leveraging technology to transform the insurance landscape in India. By digitizing processes, enhancing efficiency, and ensuring transparency, the Health Claims Exchange and Bima Sugam have the potential to significantly improve insurance penetration and simplify claim procedures. With the active involvement of insurers, hospitals, and policyholders, these initiatives are poised to make a positive impact on the insurance industry as a whole. The August 1 deadline for implementation demonstrates IRDAI's determination to accelerate the completion of these projects and realize their benefits promptly.


About Chime India

The College of Healthcare Information Management Executives (CHIME) is an executive organization dedicated to serving senior digital health leaders. CHIME includes more than 5,000 members in 56 countries and two US territories and partners with over 150 healthcare IT businesses and professional services firms. CHIME enables its members and business partners to collaborate, exchange ideas, develop professionally and advocate the effective use of information management to improve the health and care throughout the communities they serve. CHIME's members are chief information officers (CIOs), chief medical information officers (CMIOs), chief nursing information officers (CNIOs), chief innovation officers (CIOs), chief digital officers (CDOs), and other senior healthcare leaders. The CHIME India Chapter became the first international chapter outside North America in 2016 and is now a community of over 70+ members in India. For more information, please visit www.chimecentral.org

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