IRDAI has finally launched ‘BimaSugam’, the online marketplace for insurance called. It is a part of IRDAI’s Bima Trinity – BimaVistaar, BimaVahak, and BimaSugam.
BimaSugam the most coveted project of the Chairman, IRDA is an online platform where customers can choose a suitable scheme from multiple options given by various companies. All insurance requirements, including those for life, health, and general insurance (including motor and travel) will be met by BimaSugam. This platform will help to simplify the Insurance purchase and Claims journey, Offer paperless claim settlement process, leveraging policy numbers for both health coverage and death claims.
IRDAI Chairman Debasish Panda described BimaSugam as a ‘UPI-like moment in insurance’ – a one-stop solution for all stakeholders including – customers, insurers, intermediaries, and agents to promote transparency and efficiency and boost insurance penetration in the country to achieve the vision of “Insurance for all by 2047”
Through this initiative, IRDA envisions a more efficient and transparent system that caters to the evolving needs of consumers while promoting financial inclusion across the country.
The impact of BimaSugam is poised to be significant. Firstly, it promises to bridge the gap between insurers and potential policyholders, thereby increasing insurance penetration levels. By offering simplified and standardized insurance products, BimaSugam has the potential to attract a broader segment of the population, including those in rural and underserved areas.
However, despite its transformative potential, BimaSugam also faces several challenges. One such challenge lies in ensuring widespread awareness and understanding of the initiative among consumers, particularly those residing in rural areas. Effective communication and education campaigns will be essential to familiarize individuals with the benefits and procedures associated with BimaSugam.
However only through the portal BimaSugam, it will be difficult to achieve the vision of Insurance for All by 2047. Still people buy only a miniscule percentage of Insurance policies online. BimaSugam can be one of the ways to achieve, not the only one.
