News of Insurance – As times change, every industry seeks transformation, adopting new policies and strategies to drive growth. The insurance sector is no exception, requiring innovative policies and frameworks to address emerging challenges. Nepal’s insurance industry faces numerous hurdles, including financial illiteracy, policy surrenders, and claim settlement issues.

In response to these challenges, ‘Beema Dokaan’ was established to streamline the insurance market. Traditionally, only insurance agents and companies have sold policies, but Bima Dokan is expanding accessibility through innovative approaches. The company’s CEO, Ishwor Shrestha, has closely analyzed the insurance market and identified the problem of policy surrenders due to high premium payments. To address this, Beema Dokaan has introduced a system that allows policyholders to pay premiums in small daily installments.

Launched on January 2, 2019, the company operates both online and offline, engaging manpower to sell policies and conduct awareness programs. Its efforts have significantly contributed to increasing insurance accessibility in Nepal.

What is Beema Dokaan?

Beema Dokaan is an insurance aggregator. Although Nepal does not yet have a legal framework for aggregators, the company operates as an institution filling that gap. Regulatory bodies are expected to introduce aggregator policies soon, which would formally classify Beema Dokaan as an insurance aggregator or broker.

How Does Beema Dokaan Operate?

Beema Dokaan primarily sells insurance policies from various companies rather than offering its own policies. The company evaluates the usability of different policies and ensures they reach a wider audience. Its target demographic includes business owners involved in daily transactions. One of its key features is enabling customers to pay insurance premiums in small, manageable daily installments—such as NPR 100 or 200—rather than large lump-sum payments.

Core Objectives

The company prioritizes increasing policy sales volume over premium amounts. Its goal is to connect uninsured individuals, families, and communities with insurance coverage. To make insurance more accessible, Beema Dokaan has introduced EMI-based premium payment options, making policies affordable even for low-income individuals. This initiative also helps reduce policy surrender rates.

Customer Response & Market Impact

So far, Beema Dokaan has sold over 1,000 policies, receiving positive feedback from clients. The company assists policyholders throughout the claim process and focuses more on coverage rather than maximizing returns. Customers appreciate the flexibility of daily premium payments, which reduces financial strain.

Difference Between Beema Dokaan & Insurance Agents

The key distinction between Beema Dokaan and traditional insurance agents is institutional stability. While individual agents may leave the market, Beema Dokaan operates as a permanent entity, ensuring continuous support for policyholders. Unlike agents who often rely on personal relationships to sell policies, Beema Dokaan prioritizes matching customers with policies that align with their needs and income levels. This approach helps reduce policy surrenders and promotes long-term insurance retention.

Addressing Policy Surrenders & International Practices

A significant issue in Nepal’s insurance industry is the high rate of policy surrenders, often due to unaffordable premium payments. Beema Dokaan aims to solve this by making premium payments more manageable. Internationally, insurance aggregator models are widely adopted, and Nepal is gradually embracing this concept. Regulatory authorities have responded positively, and there is a push to further expand such initiatives to strengthen the insurance market.

With its innovative approach and customer-centric model, Beema Dokaan is playing a vital role in transforming Nepal’s insurance landscape.