The IRDAI has recently conceived a set of guidelines that will help encourage and "push" for the portability of health insurance, for the beneficiary. Just like Mobile Number Portability incentivized the industry participants to improve their consumer offering, and allowed consumers greater and more convenient choice, we believe seamless Health Insurance Portability can have a similar outcome.
Today, the Health Insurance porting process takes over 20 hours of the consumers time. Our aim is to transform the currently cumbersome and manual portability process, wherein consumers have to go back and forth with brokers/insurance companies and aggregate their currently "fragmented" personal, health, and insurance data. We strive to reduce this friction via Port by BimaPe.
Port by BimaPe leverages :- 1) PDA (our in-house algorithm) for analyzing insurance products 2) PHR API's for medical records of the consumer 3) The forthcoming Policy Markup Language as an industry communication standard 4) Account Aggregator Framework for assessing ability to pay
The objective is to deliver a low friction and consent led user journey in health insurance portability.
Today portability is about the transfer of credits for "waiting period", "cooling off period", and "no claims and accumulated bonus". Tomorrow, per the IRDAI Guidelines on wellness benefits, porting would also include transfer of "wellness benefits" credits