IRDAI To Unveil Bima Sugam

September 20, 2023

The Insurance Regulatory and Development Authority of India (IRDAI) is set to introduce a groundbreaking online platform called ‘Bima Sugam,’ which is positioned to transform the insurance sector in the country. Bima Sugam aims to become the world’s largest online market for insurance products and services.

IRDAI has allocated a budget of Rs 200 crore for Bima Sugam, and it plans to invite service providers through requests for proposals (RFPs) to assist in developing and running the platform. The platform’s role will encompass insurance purchase, servicing, and claims settlement, offering a seamless experience to policyholders while reducing paperwork and associated costs.

How does Bima Sugam aim to revolutionize the insurance sector in India?

Bima Sugam aims to become a game-changer in the insurance sector, similar to the impact of UPI in the financial sector, by providing a comprehensive online platform for insurance services.

What types of insurance coverage will Bima Sugam offer?

Bima Sugam will cover life, health, and general insurance, including motor and travel. It aims to streamline claim settlements by offering paperless processing based on policy numbers and providing a user-friendly interface to that allows customers to explore and choose insurance schemes from various companies.

What is the main objective of Bima Sugam?

Bima Sugam aims to serve as a single-window platform for customers to manage their insurance coverage efficiently. It will reduce paperwork and offer real-time access to authentic data for insurance companies, leading to cost reductions for customers.

How does Bima Sugam intend to simplify the process of buying?

Customers will have an insurance account where policies will be stored, eliminating the need for physical documents. This will streamline processes and reduce paperwork, making claim settlements and policy renewals faster.

What is the role of technology and innovation in implementing Bima Sugam?

Bima Sugam relies on technology and innovation for its implementation, making it a challenging endeavor. The platform aims to enhance insurance penetration in India by providing a user-friendly and efficient online experience.

How does Bima Sugam align with the broader digital infrastructure in India?

Bima Sugam is connected with India Stack, a digital infrastructure that enables seamless service delivery. This connection empowers all stakeholders in the insurance value chain and facilitates the universalization and democratization of insurance services.

« Previous Post Next Post »