In the draft paper of IRDAI, Bima Sugam portal has been proposed to increase the reach of insurance. It is known that it will be launched with the concept of a portal for the entire value chain related to insurance and all the shareholders.
Insurance regulator IRDAI has issued draft rules to set up online insurance marketplace ‘Bima Sugam’. IRDA is aiming for ‘Insurance for All’ by 2047. Currently, India is the 10th largest insurance market in the world, with the aim of making it the sixth largest market. Work regarding this has been going on on the Bima Sugam portal for several months. Now IRDAI has released the draft paper.
What will be the specialty of the portal?
In the draft paper of IRDAI, Bima Sugam portal has been proposed to increase the reach of insurance, which is already discussed. Now it is known that it will be launched with the concept of a portal for the entire value chain related to insurance and all the shareholders. It will be made quite accessible and easy. It will be easy to buy and sell policies, give suggestions and seek resolution of complaints on this portal. Insurance Facilitation will facilitate sale and purchase of life, health and general insurance policies. Customers will not have to pay any fee to access the Bima Sugam platform.
Will be a non profit company
Policy servicing, claim settlement and complaint redressal will be easier through Bima Sugam. Bima Sugam will bring insurers, policyholders and intermediaries on a common digital platform. The shareholding of Bima Sugam will be broadly divided among life, general and health insurers. In a sense, it will be a non-profit company, there will be no single entity holding a controlling stake. There will be 2 board members from IRDAI. Shareholders will have to contribute capital if required.
