Rapid Fire
Bima Sugam
- 04 Apr 2024
- 1 min read
Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has approved the setting up of Bima Sugam — an online insurance marketplace (like an e-commerce platform) for buying, selling, and servicing insurance policies as well as settling claims.
- It will onboard all the companies that offer life and non-life insurance products under one roof.
- Bima Sugam will serve as a unified platform, integrating with government databases, insurers, intermediaries, and insurance repositories.
- It will fetch customer details, provide product information, and facilitate the purchase and servicing of insurance policies.
- Acting as a single interface, it will cater to customers, intermediaries, and agents, enabling them to connect and transact across various insurers (life, health, non-life).
- Bnefits for Customers:
- Insurance policies are available in electronic format, reducing reliance on physical documents.
- Bima Sugam aims to make life insurance more affordable by streamlining processes and reducing administrative costs.
Read More: Bima Sugam
