Bima Sugam: A UPI Moment for Insurance Sector…
Recently, the Insurance Regulatory and Development Authority of India(IRDAI) has formed a steering Committee for the creation of its ambitious Bima Sugam online platform.
News Jungal desk: IRDAI describes Bima Sugam as an electronic marketplace protocol.
It aims to universalize and democratize insurance by ensuring digital infrastructure for seamless service delivery.
Key Features:
Its a comprehensive online platform where customers have access to a wide range of insurance options offered by various insurance companies.
All insurance requirements such as life, general and health(including motor and travel) will be ensured by Bima Sugam.
This platform simplifies the process of selecting the right insurance policy.Customers can easily compare and evaluate various insurance schemes from different insurers, helping them make informed decisions.
It will simplify and digitize the insurance marketplace- right from buying policies to renewals, claim settlement, and policy portability.
It would act as single window for the policy holders to manage their insurance coverage.
Life Insurance and General Insurance companies will own 47.5 % stake each, while brokers and agent bodies will own 2.5% each in Bima Sugam platform.
This platform will enable all the stakeholders across the insurance value chain.It aims to benefit not only customers but also insurers, intermediaries and agents by streamlining processes and improved access to data.
India Stack is a set of API’s (Application Programming Interface), such as Aadhar, UPI, Digital Locker etc.
It allows governments, businesses and developers to utilize a unique digital infrastructure to solve India’s hard problems towards presenceless, paperless and cashless service delivery.
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