First phase of Bima Sugam is expected to be launched around April next year, IRDAI chairman Debasish Panda told a meet that reviewed the electronic marketplace project mooted by the regulator to make insurance more accessible, affordable and user-friendly.
Significant progress was reported on the project and filing formalities for incorporation of the entity that is to be incorporated as a Section 8 (non-profit) company, Bima Sugam India Federation, has been completed. The process of appointing MD and CEO as well as other key managerial personnel for the entity is nearing completion, General Insurance Council said on the June 7 meeting in Mumbai attended by CEOs of life, general and health insurers as well as representatives of life and General Insurance Councils.
The business structure of Bima Sugam and updates from various sub-groups, including operations and technology, were also reviewed. Additionally, the proposed first directors of the company engaged in an informal discussion regarding the broad plan of action for launch Bima Sugam, the Council said in a release.
Bima Sugam is a revolutionary project for Indian insurance sector and poised to democratise and universalise insurance in India and possibly one of the first of its kind across the world. The first phase is expected to be launched around April 2025, Mr. Panda said.
Bima Sugam, along with the proposed women-led distribution channel Bima Vahak and comprehensive insurance cover Bima Vistaar, form the trinity proposed by IRDAI to enhance insurance penetration, especially in the hinterland.
“The successful incorporation of Bima Sugam India Federation as a non-profit entity paves the way for appointing key leadership and finalising the operational framework. The collective efforts of all stakeholders are critical and we are confident Bima Sugam platform will play a pivotal role in achieving Insurance for All by 2047,” GI Council Chairman Tapan Singhel said.
The meeting also included discussions on the recently notified health insurance regulations/master circular, the Council said.
