Bima Sugam | 04 Apr 2024

Source:ET

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