‘Bima Sugam' a large financial market infra: IRDAI Chairman

India's top insurance regulator says the launch of Bima Sugam is a "UPI Moment" for the insurance industry. Speaking exclusively to CNBC-TV18's Yash Jain, IRDAI chief Debasish Panda said the one-stop platform will take insurance to every corner of the country and benefit intermediaries.

Panda said, "We are talking of financial market infrastructure, and eventually the way it is being conceived and conceptualized, it will become systemically important like the UPI. So for the insurance, it is kind of a similar thing that has been contemplated.  It will be an e-marketplace, it will sell, it will service, it will settle claims so entire product lifecycle Bima Sugam takes care of."

He added, "The agent-client relationship, and the servicing will become much more stronger, much more faster and much more transparent. Our attempt is to reach out to the entire country, and, then, you know, you are there in every part of the country. Today, you see the number of Internet users, you see the number of mobile users, you see the penetration of what you call digital penetration all across. So I think this will be a game changer as far as insurance is concerned."