IRDAI Chairman Ajay Seth Launches Bima Sugam Website
Bima Sugam represents a critical step towards creating India’s digital public infrastructure for insurance, the IRDAI chief said.
The Bima Sugam India Federation on Wednesday announced the launch of its official website, which was unveiled by Ajay Seth, the chairman of Insurance Regulatory and Development Authority of India, at the IRDAI headquarters in Hyderabad.
Seth said that Bima Sugam represents a critical step towards creating India’s digital public infrastructure for insurance. "This initiative will empower policyholders, deepen insurance penetration, and ensure transparency and fairness across the value chain."
Bima Sugam, backed by the IRDAI, was created to connect and empower all insurance stakeholders. The IRDAI hopes that Bima Sugam would be a revolutionary digital platform that integrates advanced technologies to automate and digitise the processes for multiple stakeholders including insurance companies, policy holders, intermediaries, insurance repositories and external data sources, among others.
All insurance requirements, including those for life, health, and general insurance (including motor, travel, etc.), will be met through Bima Sugam. The online platform will allow individuals to fulfill all their insurance needs.
Over time, Bima Sugam is being developed as a phased, scalable digital infrastructure that will ultimately serve as a unified insurance marketplace, a digital policy repository, an e-KYC and consent utility, and a real-time claims servicing gateway.
