The Bima Sugam platform, initially slated for a January 2023 and then an August 2023 launch, is facing its third postponement. A new launch date has been set for June 2024, according to a recent report by Asia Insurance Post.
The Insurance Regulatory and Development Authority of India (IRDAI) has initiated crucial processes to pave the way for
Bima Sugam's eventual launch, the report said.
A Request for Proposal (RFP) has been issued to appoint a project consultant, marking a significant milestone in the project's development. The regulator has also established a committee, which will serve as the supreme decision-making body overseeing the creation and operation of the Bima Sugam platform, as outlined in the report.
The committee comprises prominent figures from the industry including Rakesh Joshi, the Finance and Investment member of IRDAI; Anup Bagchi, the MD & CEO of ICICI Prudential Life Insurance; Naveen Tahilyani, the MD & CEO of Tata AIA Life Insurance; Mahesh Balasubramanian, the MD & CEO of Kotak Life Insurance; Nilesh Garg, the MD & CEO of Tata AIG General Insurance; Prasun Sikdar, the MD & CEO of Manipal Cigna Health Insurance; Inderjeet Singh, the Secretary General of the General Insurance Council; and Satyendra Nath Bhattacharya, the Secretary General of the Life Insurance Council.
To navigate the intricate legal aspects of the project, the IRDAI has enlisted the services of Cyril Amarchand Mangaldas (CAM) as its legal counsel. CAM's responsibilities include the incorporation of a Section 8 not-for-profit company, which will serve as the entity owning the Bima Sugam platform, the report said.
Bima Sugam is poised to become a one-stop insurance platform that lists all life and general insurance policies. Experts predict that this platform could herald a monumental shift in the insurance sector, streamlining the way insurance products are accessed and compared.
Once launched,
Bima Sugam will empower users by providing comprehensive support for their personal and commercial insurance needs. The platform will play a pivotal role in identifying and comparing optimal insurance products, all while adhering to stipulated timelines. It will handle the sales, servicing, and claims processing for insurance policies.
The platform will collaborate with aggregators like PolicyBazaar, brokers, banks, and insurance agents who will act as facilitators or bridges for individuals seeking to purchase insurance policies through the platform. This approach promises to simplify the insurance purchasing process and enhance accessibility for individuals seeking life, motor, or health insurance policies.
