{"id":2049,"date":"2021-09-27T13:03:30","date_gmt":"2021-09-27T13:03:30","guid":{"rendered":"https:\/\/decentro.tech\/blog\/?p=2049"},"modified":"2024-06-13T11:25:57","modified_gmt":"2024-06-13T11:25:57","slug":"bimaplan-averting-insurance-frauds-streamlining-claims","status":"publish","type":"post","link":"https:\/\/decentro.tech\/blog\/bimaplan-averting-insurance-frauds-streamlining-claims\/","title":{"rendered":"Averting Insurance Frauds &#038; Streamlining Claims With Bimaplan"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/decentro.tech\/blog\/bimaplan-averting-insurance-frauds-streamlining-claims\/#What_is_Bimaplan\" title=\"What is Bimaplan?\">What is Bimaplan?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/decentro.tech\/blog\/bimaplan-averting-insurance-frauds-streamlining-claims\/#How_Does_Bimaplan_Leverage_Decentros_APIs\" title=\"How Does Bimaplan Leverage Decentro\u2019s APIs\">How Does Bimaplan Leverage Decentro\u2019s APIs<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/decentro.tech\/blog\/bimaplan-averting-insurance-frauds-streamlining-claims\/#What_were_Bimaplans_Outcomes\" title=\"What were Bimaplan\u2019s Outcomes?\">What were Bimaplan\u2019s Outcomes?<\/a><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large featured-post-img\"><img loading=\"lazy\" width=\"854\" height=\"854\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Averting-Insurance-Frauds-Streamlining-Claims-With-Bimaplan.png\" alt=\"Bimaplan Case Study\" class=\"wp-image-6149\"\/><\/figure>\n\n\n\n<p><em>\u201cDo you have insurance?\u201d<\/em><\/p>\n\n\n\n<p>While some of us may nod in agreement, the majority of the population in the country would say no!&nbsp;<\/p>\n\n\n\n<p>According to the 75th round of the National Sample Survey (NSS), over 80% of Indians did not have health insurance cover- a whopping 85.9% rural Indians, and 80.9% in the urban areas. <\/p>\n\n\n\n<p>The lack of penetration of life insurance in India can be attributed to many factors; lack of awareness, and a whopping 80+% of the workforce being employed in the unorganized sector. However, at the onset of the pandemic, this has seen a tectonic shift.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-default\"><p><em>The life insurance industry expects a 5.3% CAGR between 2019 &amp; 2023!&nbsp;<\/em><\/p><cite><a href=\"https:\/\/www.ibef.org\/industry\/insurance-sector-india.aspx\">IBEF<\/a><\/cite><\/blockquote>\n\n\n\n<p>Bimaplan is an insurtech startup that aims to catalyze the penetration rate, increase accessibility &amp; visibility for insurance via technology, and cater to the low &amp; middle-income population of the country.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_is_Bimaplan\"><\/span>What is Bimaplan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bimaplan is an insurtech company that envisions providing financial security via health insurance products &amp; services to the under-catered households in the country. <\/p>\n\n\n\n<p>Further, it works with insurers to set up and extend over-the-counter insurance products with a low premium to consumers who cannot pay more than \u20b9450 insurance premiums. Most insurance-provider companies tend to ignore this large section of people, and Bimaplan aims to empower them. <\/p>\n\n\n\n<p>How? <\/p>\n\n\n\n<p>By leveraging the exponential growth of internet users beyond metropolitan cities. It\u2019s about time the wheels of democratization for life insurance started motion. And, this might be that!&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"2880\" height=\"1800\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/what-is-bimaplan.png\" alt=\"Bimaplan is an insurtech company that caters to the underserved population in India. \" class=\"wp-image-2055\"\/><\/figure>\n\n\n\n<h4>How Does It Work?<\/h4>\n\n\n\n<p>Bimaplan provides a simple and powerful calculator to help users find the best plan for their needs. The plans could range from Personal Accident Coverage, Health Insurance Plan, Covid Hospitalization Cover, and more.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"892\" height=\"313\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/how-does-bimaplan-work.jpeg\" alt=\"A workflow showing how Bimaplan works.\" class=\"wp-image-2065\"\/><figcaption>How Does Bimaplan Work<\/figcaption><\/figure>\n\n\n\n<p>To start off, a user can ping the Bimaplan team on WhatsApp and provide basic details. The team reviews the plan you opt for, and the insurance coverage begins immediately. You can always avail the 24*7 customer support from the team and drop a #Claim message when you require one. That&#8217;s how easily you become financially secure with Bimaplan!&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_Does_Bimaplan_Leverage_Decentros_APIs\"><\/span>How Does Bimaplan Leverage Decentro\u2019s APIs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bimaplan offers tech-driven and simplistic insurance solutions to customers and democratizes it for the underserved category of the population.&nbsp;<\/p>\n\n\n\n<p>However, verifying users and their claims before providing insurance amounts was crucial to prevent fraud. Above all, it was essential to ensure that the financial necessity always reaches the right hands! <\/p>\n\n\n\n<p>How did Bimaplan achieve this?&nbsp;<\/p>\n\n\n\n<h4>Seamless Identity Verification of the Insured<\/h4>\n\n\n\n<p>Bimaplan makes use of Decentro\u2019s <a href=\"https:\/\/decentro.tech\/products\/kyc-onboarding\/\" target=\"_blank\" rel=\"noreferrer noopener\">KYC APIs<\/a> to run comprehensive background checks on a user when they raise an insurance claim. The platform uses a single API endpoint to run checks via various documents like PAN &amp; Voter ID and Decentro&#8217;s API banking platform automates the entire flow in real-time. In this manner, Bimplan can ascertain and prevent fraud.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1843\" height=\"677\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/bimaplan-decentro-kyc-verification.jpg\" alt=\"A workflow showing how Bimaplan verifies user identity with KYC. \" class=\"wp-image-2056\"\/><figcaption>Bimaplan: KYC Flow<\/figcaption><\/figure>\n\n\n\n<h4>Facilitating Claims with Instant Bank Account Validation<\/h4>\n\n\n\n<p>Once Bimaplan verifies the identity of users, the next step is to check the authenticity of the bank account details of the individual to provide a claim. To make the process smooth on the users &amp; instantaneous, Bimaplan makes use of Decentro\u2019s <em>Penny Drop Verification APIs<\/em>. Consequently, the platform powers up its claim payouts process after affirming the account belongs to the same user.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"892\" height=\"313\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/bimaplan-claim-settlements-bank-account-validation.jpeg\" alt=\"A workflow that describes how Bimaplan carries out instant bank account validation with Decentro's Penny Drop APIs.\" class=\"wp-image-2064\"\/><figcaption>Bimaplan: Bank Account Validation<\/figcaption><\/figure>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_were_Bimaplans_Outcomes\"><\/span>What were Bimaplan\u2019s Outcomes?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Let\u2019s look at some key outcomes after Bimaplan leveraged Decentro\u2019s API banking platform to optimize insurance claim payouts.&nbsp;<\/p>\n\n\n\n<ul><li>Go-live timelines within weeks; within weeks of going live, Bimaplan has had more than <strong>4400<\/strong> API transactions, with the numbers growing daily.&nbsp;<\/li><li>Bimaplan reduced overall expenditure by <strong>90%<\/strong> compared to a legacy financial integration that takes months together.&nbsp;<\/li><li>Multiple document verification for <a href=\"https:\/\/decentro.tech\/blog\/what-is-kyc-why-is-it-important\/\" target=\"_blank\" rel=\"noreferrer noopener\">KYC<\/a> using a <strong>single API endpoint<\/strong>. This has saved Bimaplan the need to integrate separately for each document.&nbsp;<\/li><li>Instant bank account verification with APIs with a few milliseconds response times and 99.9% uptime.&nbsp;<\/li><li>Load balancing feature to leverage that handles any spike in volume or unexpected downtime.&nbsp;<\/li><\/ul>\n\n\n\n<p>Along with Bimaplan, we\u2019ve empowered many of our customers like <a href=\"https:\/\/decentro.tech\/blog\/streamlining-credit-for-consumers-by-10x-with-moneytap\/\" target=\"_blank\" rel=\"noreferrer noopener\">MoneyTap<\/a>, Jumbotail, OkCredit, and <a href=\"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/\" target=\"_blank\" rel=\"noreferrer noopener\">FamPay<\/a> to overcome the barriers when it comes to any banking or financial integration.&nbsp;<\/p>\n\n\n\n<p>To put things into perspective, in just a matter of two years, our KYC stack has been churning solid numbers.<\/p>\n\n\n\n<p>With over 400+ Identity validations, 250+ Image recognitions, and 300+ Repository fetches happening via Decentro\u2019s KYC stack per hour, we\u2019re more than equipped to enable your verification and validation journey.&nbsp;<\/p>\n\n\n\n<p>If your business is stuck in the stone age or in an antiquated industry with manual workflows, now is the time to flip the coin and join the revolution. Be it for removing the headache from your <a href=\"https:\/\/decentro.tech\/blog\/overcome-online-b2b-payments-challenges\/\" target=\"_blank\" rel=\"noreferrer noopener\">business payments<\/a>, or even launching your custom <a href=\"https:\/\/decentro.tech\/blog\/what-is-buy-now-pay-later-bnpl\/\" target=\"_blank\" rel=\"noreferrer noopener\">BNPL<\/a> product.&nbsp;<\/p>\n\n\n\n<p>Got a use case that involves anything linked to banking? We\u2019re all ears!<\/p>\n\n\n\n<p>Got a roadblock for some financial integration? Let\u2019s help you fix it!.&nbsp;<\/p>\n\n\n\n<p>We\u2019re always at hello@decentro.tech<\/p>\n\n\n\n<p>Cheers!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How does Bimaplan, one of the fast-growing insurtech companies, streamline insurance claims and prevent fraud?<\/p>\n","protected":false},"author":4,"featured_media":2053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Averting Insurance Frauds &amp; Streamlining Claims With Bimaplan<\/title>\n<meta name=\"description\" content=\"Here&#039;s how BimaPlan, a fast-growing Insurtech startup, prevents claim frauds &amp; empowers underserved Indian population via Decentro\u2019s APIs!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/decentro.tech\/blog\/bimaplan-averting-insurance-frauds-streamlining-claims\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Averting Insurance Frauds &amp; 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