The Insurance Regulatory and Development Authority of India (IRDAI) is working on 'Bima Sugam' which will facilitate a single platform for various services including policy sale, renewal, and claims settlement. This technology-enabled portal will expand the penetration of insurance by providing a seamless experience to customers across the country. Insurance regulator IRDA Chairman Debashish Panda said in an interview with PTI-Bhasha that Bima Sugam will be as transformative for the insurance industry as the Unified Payments Interface (UPI) has replaced digital payments in the country.
Panda said, “With Bima Sugam, all the work like buying and selling of insurance, policy-related work, and settlement of claims will be done. Insurance companies can come to this platform, it will work through an 'Application Programming Interface (API)'. You will have access to the portal. He said that as far as insurance policyholders are concerned, they can either buy the product directly or can do so by taking the help.
He further said, “Many people may want to do this by taking help and choosing an intermediary for this.” The platform will give multiple products, companies, and payment options to policyholders and potential customers. Panda said, “It is like a shopping mall where you can go and buy. As far as KYC is concerned, it will be done through the Aadhaar number.