According to a report, the Insurance Regulatory and Development Authority of India (IRDAI) has formed a steering committee to act as the apex decision-making body for the creation of its ambitious ‘Bima Sugam’ online platform.
Also, the IRDAI, which describes the proposed portal as a ‘game-changer’ and a ‘UPI moment’ for the insurance sector, indicated it will soon appoint a project consultant, for which, it said, a Request for Proposal (RFP) has already been issued.
All about Bima Sugam platform:
(1.) According to HT’s sister publication Mint, Bima Sugam will be a ‘one-stop destination’ for people’s insurance-related needs. These include services such as policies, portability facilities, change of agents, settling of claims, and more.
(2.) With it, buyers will be to purchase life, motor, or health policies directly. Here, web aggregators (PolicyX, PolicyBazaar, etc.), brokers (Bajaj Capital, Probe Insurance Broker, etc.), banks, and insurance agents will be the facilitators in selling these policies.
(3.) Insurance companies (both general and life insurers) will be major shareholders in the platform, which will offer facilities to customers via an ‘e-insurance account’ (E-IA).
(4.) The portal will provide the following benefits: act as a centralised database; assist the insured/buyers in porting their respective policies based on coverage and pricing; give people a wide choice to pick and choose policies and view all their policies; reduce commission paid to intermediaries; and, pave the way for a speedy acceptance of new/sandbox products.
(5.) While the project has already missed its original and extended deadlines of January 2023 and August 2023, respectively, its new launch date has now been set for June 2024.