It’s an online portal wherein the customers can choose any of the plans given by numerous companies as most appropriate. It is developed by IRDAI.
- Features
- It will help simplify and make digital the market place of insurance right from purchasing a policy, renewal, settlement of claims, and agency and policy portability.
- It will guide customers in every form of query in regard to their insurance.
- Role
- The proposed platform would serve as a single window for the policyholder to manage his/her insurance coverage.
- It will provide end-to-end solutions for customers’ insurance needs i.e., purchase, service, and settlement.
- Project Vision and Objectives
- It intends to develop an Amazon-like digital platform for insurance.
- It should cover the whole experience of a lifetime of the lifecycle of an insurance product.
- Its vision is global first to open up the field of insurance, democratize in India.
- Utility
- It will allow insurance companies to access the validated and authentic data from various touch points on a real-time basis.
- The platform will interface for the intermediaries and agents to sell policies and offer services to the policyholders among others and lessen paperwork.
- Shareholders
- The life insurance companies and general insurance companies will own 47.5% shares each, and the brokers and agent bodies will hold 2.5% each in Bima Sugam Platform.
- Scope and Features
- In the life insurance, health and general sectors.
- Comprises of a large marketplace of comprehensive policy comparisons, purchase; manage
- Merging with Bima Trinity
- Composite rural-inclusive insurance offering and female-powered agent network.
- Initial Release Plans
- Ready for launch from 2022 with several envisioned date of launches
- Revised launch
- Expected in Mid-2025
- Required Capital
- It has been budgeted at Rs 500 Cr
- The source of financing
- Insurance corporations will provide initial capital
- UPI moment
- It is being called the “UPI moment” for the insurance industry.
