Bima Sugam - your one-stop portal for all insurance policies: Details here

The Insurance Regulatory and Development Authority of India (Irdai) on March 19 gave the go ahead to launch an online marketplace for insurance called ‘Bima Sugam’. It is a part of Irdai’s Bima Trinity - Bima Vistaar, Bima Vahak, and Bima Sugam.

What’s Bima Sugam?

It’s an online platform where customers can choose a suitable scheme from multiple options given by various companies. All insurance requirements, including those for life, health, and general insurance (including motor and travel) will be met by Bima Sugam. The hallmark of this platform is its streamlined, paperless claim settlement process, leveraging policy numbers for both health coverage and death claims.

Simply put, Bima Sugam is a one-stop platform where Indians can explore, compare, and buy insurance policies with ease.

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How will customers benefit from Bima Sugam?

While the platform hasn't been launched yet, Irdai Chairman Debasish Panda described Bima Sugam as a ‘UPI-like moment in insurance’ – a one-stop solution for all stakeholders including - customers, insurers, intermediaries, and agents to promote transparency and efficiency and boost insurance penetration in the country to achieve the vision of “Insurance for all by 2047”.

According to industry leaders, Bima Sugam could reduce the dependence of insurance companies on intermediaries and promote the sale of products through direct digital means.

Shashi Kant Dahuja, Chief Underwriting Officer, Shriram General Insurance lists out the benefits for customers:

— Enhances client convenience with mobile and desktop access to insurance.

— Reduces the need for in-person visits, saving time and effort.

— Promotes informed decision-making through increased transparency.

— Aligns with regulatory goals of access, affordability, and awareness.

— Features diverse, competitively priced insurance options.

— Enables product customisation for individual needs.

— Simplifies and speeds up the claims process — Utilises data integration for efficient underwriting and claim settlements.