Insurance E-Marketplace: Along with buying and selling insurance, you will also get the facility to make claims through the Bima Sugam platform. Apart from this, online distributors will also be able to become a part of this platform.
What is Bima Sugam: You must be taking some kind of insurance for your family every year. For this, you must be taking the policy by visiting the company’s website or taking the policy from the agent. But now in the coming time you are going to get relief from this system. Insurance regulators IRDAI and ONDC have announced the creation of an electronic market place. Bima Sugam will be a kind of insurance infrastructure, here information related to all the companies will be easily available. It will be operated on behalf of insurance companies.
There will be a change like UPI for the insurance industry
Apart from providing a platform for insurance companies and distributors, ‘Bima Sugam’ will allot insurance account numbers to customers. With this you will be able to easily port your policy from one company to another. Regarding Bima Sugam, IRDAI Chairman Debashish Panda had said that it will be a change like UPI for the insurance industry. Apart from buying and selling insurance, insurance companies will also be able to provide claim related services by connecting to the platform through API.
Will work as a one-stop solution
Its purpose is not to eliminate online distributors, but they will also be able to become a part of it. IRDAI said that ‘This market acts as a one-stop solution for all insurance stakeholders including customers, insurance companies, intermediaries and agents. Industry experts say that Bima Sugam will be like ONDC, which democratizes e-commerce. This allows everyone to sell on the same platform.
What facilities will be available
Through the Bima Sugam platform, you will get the facility to buy and sell insurance as well as make claims. Apart from this, online distributors will also be able to become a part of this platform. In the statement given by IRDAI, it was said that this marketplace will be for all the stakeholders of the insurance sector. Customers, insurance sellers and agents will all be present on the same platform. This will bring transparency in the system and provide convenience to the customers.
This week IRDAI has reduced 34 regulations to six. Also, approval has been given for the establishment of Galaxy Health and Allied Insurance Company by the former promoter of Star Health. Galaxy Health is the sixth insurance registration granted by the regulator in about a year and takes the total number of standalone health insurers to seven. Earlier this year, the regulator had given in-principle approval to Narayana Health to set up health insurance business in the country.
