Industry leaders applaud the approval of Bima Sugam by IRDAI

New Delhi: The approval of 'Bima Sugam' by the Insurance Regulatory and Development Authority of India (IRDAI) has ignited a wave of optimism within the insurance industry. This decision represents a leap towards realizing the vision of 'Insurance for All by 2047.'

With support from industry leaders like Prashant Tripathy, Co-Chair of the FICCI Insurance Committee and MD & CEO of Max Life Insurance Company Limited and Ritesh Kumar, Co-Chair, FICCI Insurance Committee and MD & CEO, HDFC ERGO General Insurance, 'Bima Sugam' promises to revolutionize the accessibility and transparency of insurance solutions across India.

Prashant Tripathy emphasized the platform's potential to transcend barriers and empower every Indian citizen to safeguard their future aspirations seamlessly.

In a post of FICCI on X, Tripathy said "We wholeheartedly applaud the approval of Bima Sugam by the IRDAI, a monumental step towards realizing the vision of 'Insurance for All by 2047'. This transformative platform heralds a new era in the democratization of insurance solutions across India, streamlining access, enhancing transparency, and unlocking affordability for masses."

He added, "Together with the IRDAI's foresight, we embrace this digital revolution, confident that it will pave the way for a future where insurance transcends barriers, safeguarding the future and enabling aspirations of every Indian citizen."

Echoing this sentiment, Ritesh Kumar underscored the significance of IRDAI's Bima Sugam guidelines in paving the way for an end-to-end digital marketplace for insurance.

This platform promises greater convenience for customers and intermediaries alike, ensuring transparency at every stage of the insurance process.

In another FICCI post on X Kumar said, "IRDAI's Bima Sugam Guidelines pave the way for the launch of the electronic marketplace. Bima Sugam would be an end-to-end digital platform for buying and servicing insurance, offering greater convenience at no extra cost to customers & intermediaries and providing transparency at every stage." While Bima Sugam is yet to be officially launched, IRDAI approved its online platform on March 27. 'Bima Sugam' forms part of IRDAI's broader initiative, known as the 'Bima Trinity,' which includes 'Bima Vistaar,' 'Bima Vahak,' and now 'Bima Sugam.'

Positioned as an online marketplace for insurance, Bima Sugam will offer customers a diverse range of schemes from various insurance providers, covering life, health, and general insurance needs such as motor and travel insurance.

The hallmark feature of Bima Sugam lies in its streamlined, paperless claim settlement process, which aims to simplify and expedite insurance procedures.

Leveraging policy numbers for both health coverage and death claims, the platform promises a seamless experience for policyholders.

This one-stop solution is envisioned to benefit all stakeholders, including customers, insurers, intermediaries, and agents, by promoting transparency, efficiency, and digital adoption. Industry leaders anticipate that Bima Sugam could reduce the reliance of insurance companies on intermediaries and drive sales through direct digital channels.

By offering a user-friendly platform for exploring, comparing, and purchasing insurance policies, Bima Sugam aims to boost insurance penetration in the country. (ANI)

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