IRDAI's New Platform Bima Sugam to Bring Greater Convenience & Transparency to Insurance Sector

The Indian insurance industry is set for a major transformation with the upcoming launch of a ground-breaking platform called Bima Sugam. This new initiative by the Insurance Regulatory and Development Authority of India aims to streamline the insurance process by simplifying sales, servicing, and claims.

According to Ritesh Kumar, MD & CEO of an insurance company, Bima Sugam is a game-changing solution that will provide customers with single-window access to participating insurance products and services. In this article, we will delve deeper into the features and benefits of Bima Sugam and how it is expected to revolutionize the Indian insurance industry.

Bima Sugam will be implemented in two phases, with the first phase acting as a data bank for insurance and intermediary companies, while the second phase will allow products to be listed on the platform.

This initiative by IRDAI is aimed at bringing together the various players in the highly competitive insurance industry onto a single platform, which will increase transparency and accountability in the sector. As a result, customers will find it easier to find the best insurance product for their needs.

Ritesh Kumar commented that the accessibility of insurance is a critical aspect of IRDAI's vision of Insurance for All by 2047. Bima Sugam will improve accessibility by providing a digital platform for the buying and complete servicing journey, which will provide increased convenience to customers and intermediaries.

He also stated that the platform will serve as a single window access for all insurance needs, allowing customers to purchase new policies, perform eKYC, enable endorsements, raise claims, and renew policies. The platform aims to improve digitization throughout the entire lifecycle, thus increasing transparency and servicing for both customers and intermediaries.

Dr. Bhabatosh Mishra, Director of Underwriting, Products, and Claims at Niva Bupa Health Insurance, shared his perspective on the proactive regulations that the regulator has introduced to benefit customers. He noted that in the past few years, the pace of such reforms has accelerated significantly. He also mentioned that the new Chairman of IRDAI has expressed his desire to shift from rule-based regulation to principle-based regulation, which would encourage innovation and growth in the industry. Dr. Mishra believes that this is a positive step that will further develop the health insurance sector.

The digitization of the insurance sector has been on the rise, and the introduction of Bima Sugam by IRDAI is seen as a significant milestone. This platform will provide customers with a single-stop technology solution for all their insurance needs, from purchasing policies to settling claims in real-time, across Life, Health, and General insurance. It will also enable insurers and IRDAI to track integrated data to better understand coverage trends, customer needs, and product requirements. Dr. Mishra believes that this initiative will lead to greater penetration in the sector across the country.

Ajay Shah, Head of Distribution at Care Health Insurance, shared that Bima Sugam has been launched to simplify the process of purchasing life, health, and general insurance for consumers. The platform will serve as an insurance marketplace where insurers, distribution networks, and policyholders can interact. This will enable the digital platform to provide customers with a seamless and efficient experience when comparing and providing information about various products on a single platform.

Shah also believes that the platform's principles of simplicity, security, convenience, transparency, and innovation will simplify the purchase process for customers.

In conclusion, Bima Sugam is an innovative platform that will transform the way insurance is sold, serviced, and claimed in India. It will provide customers with an easy and convenient way to find the best insurance policy that meets their needs.