'Bima Sugam is a game-changer'

Just as the Unified Payments Interface (UPI) has transformed the payment and banking sectors, the insurance regulatory and development authority of India (Irdai) is hoping that its ambitious project Bima Sugam—an online marketplace to buy service, and sell insurance products—will transform the insurance sector and help increase penetration.

"Bima Sugam will be the game-changer," said Debasish Panda, chairman, Irdai at the Business Standard BFSI Insight Summit 2024.

"Bima Sugam is going to be a public digital infrastructure, keeping the policyholder at the core to offer an end-to-end journey of the lifecycle of the product and beyond. It will help customers to exercise their choice, and distributors will benefit immensely as they will be able to complete a transaction at a cheaper price and in less time," Panda said.

Bima Sugam India Federation, the not-for-profit entity backed by the Irdai, will house Bima Sugam, the platform aimed at democratizing insurance in India and potentially becoming the first of its kind globally. This single-window digital platform will serve as a marketplace where consumers can compare, purchase, and manage insurance policies across life, health, and general insurance sectors.

It is a part of the Bima Trinity including Bima Vistaar, the insurance product which will be sold by Bima Vahaak, the women-centric agents' force who will sell this product on Bima Sugam.