The Insurance Regulatory and Development Authority of India (IRDAI) is creating the ‘Bima Sugam’ online platform, which is described as a ‘game-changer’ and a ‘UPI moment’ for the insurance sector.
- It will serve as a one-stop destination for insurance-related needs, including policies, portability, agent changes, and claims.
- Buyers can directly purchase life, motor, or health policies through web aggregators, brokers, banks, and insurance agents. Insurance companies will be major shareholders in the platform, which will offer services via an ‘e-insurance account’.
- The platform aims to centralize data, facilitate policy porting, offer a wide range of policy choices, reduce intermediary commissions, and enable the acceptance of new products.
- The launch date for Bima Sugam is set for June 2024, following delays from the original deadlines.
- The Insurance Regulatory and Development Authority of India (founded 1999; HQ: Hyderabad) is a statutory body (under the IRDA Act 1999) and is under the jurisdiction of the Ministry of Finance and is tasked with regulating and licensing the insurance and re-insurance industries in India.