The portal will act as a one-stop platform for a range of services including sale and renewal of insurance policies. Irdai may launch the portal on August 1, 2023.
The Insurance Regulatory and Development Authority of India (IRDAI) will soon launch an online platform ‘Bima Sugam’ for the convenience of policyholders. Work is going on fast on this. It will serve as a one-stop platform for multiple services including sale and renewal of insurance policies. With its help, not only will you be able to buy the policy at a lower premium, but settlement of claims will also become easier.
Bima Sugam will bring a revolution like UPI in the insurance industry. It would be like a shopping mall. Through this, you can choose the policy of your choice. Insurance regulator can start insurance easy facility from August 1, 2023.
What is Bima Sugam?
It is a type of e-commerce platform. This direct-to-customer Insurance companies will be able to sell their products on the (D2C) platform. All types of services including policy purchase, renewal, claim settlement and agent portability will be available on this. On purchasing the policy on this platform, its soft copy will reach the customer through the electronic insurance account.
The special thing is that the claim settlement experience will also improve with all the information related to the policy being available online. All services including claim settlement and agent portability will be available. On purchasing the policy on this platform, its soft copy will reach the customer through the electronic insurance account.
The special thing is that the claim settlement experience will also improve with all the information related to the policy being available online. All services including claim settlement and agent portability will be available. On purchasing the policy on this platform, its soft copy will reach the customer through the electronic insurance account. The special thing is that the claim settlement experience will also improve with all the information related to the policy being available online.
KYC required,information will remain confidential
KYC will be required to take advantage of Bima Sugam. You As soon as you go to this platform, you will be asked for Aadhaar number. KYC will be completed only through this. Your (customers) privacy will be taken full care of on this platform. Their personal information will be kept secret.
You will be asked for Aadhaar number. KYC will be completed only through this. Your (customers) privacy will be taken full care of on this platform. Their personal information will be kept secret. You will be asked for Aadhaar number. KYC will be completed only through this. Your (customers) privacy will be taken full care of on this platform. Their personal information will be kept secret.
These features make the platform special
- Insurance cost will come down: At present insurance brokers charge commission up to 30-40 per cent. On buying a policy through Bima Sugam, the broker will be able to charge only 5-8 per cent commission. This will result in a big drop in the premium amount.
- Speedy resolution of complaints: The platform will have agents, web aggregators and other insurance intermediaries apart from policyholders. With this, insurance companies will be able to resolve complaints quickly.
- One Click Claim Settlement: With the policy details being available online, the claim settlement can be done in just one click. No documents will be required either.
Policyholders’ confidence will increase: The portal will make it easy to access insurance products. This will not only bring transparency in various processes related to insurance policies from claim settlement, but will also increase the confidence of the policyholders in the industry. Tapan Singhal MD-CEO, Bajaj Allianz General Insurance
