IRDAI Forms Steering Committee for Bima Sugam

• 20 Sep 2023

Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has established a steering committee to oversee the development of its ambitious Bima Sugam platform, signalling the forthcoming appointment of a project consultant through an issued Request for Proposal (RFP).

Key Points

• Bima Sugam Platform Overview: The Bima Sugam platform, once implemented, will enable individuals to purchase life, health, motor, or property insurance policies online.
• It aims to provide a centralized hub for insurance companies, agents, brokers, banks, and aggregators, streamlining access to insurance-related services.
• Centralized Database for Queries: Bima Sugam will serve as a centralized database to assist consumers with various insurance-related inquiries.
• Revised Implementation Deadline: The platform is described as a "game-changing" initiative and will serve as a comprehensive marketplace for insurance-related activities, including policy purchase, claims processing, insurance advice, and grievance resolution.
• Extensive Range of Insurance Offerings: The platform aims to support personal and commercial/business insurance requirements, offering a wide range of insurance products.
• End-to-End Digital Onboarding: The Bima Sugam platform is expected to provide a seamless end-to-end digital onboarding process for all insurance products, eliminating manual interventions.