Ajay Seth,chairman, IRDAI
“We are having a virtual conference with insurers and officials of Bima Sugam Federation,wherein details of a standard motor and standard medical policy sold over the platform would be discussed,’’ said the IRDAI sources
IRDAI chairman Ajay Seth will also discuss the proposed rules and regualtions linked to the new Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (“SBSR Act”) with insurers
Hyderabad: Finally, the Bima Sugam, an industry-led and technology-driven Insurance Electronic Marketplace,in making for the last two years, is ready to have a low –key launch.
IRDAI chairman Ajay Seth will be having a virtual conference(VC) with insurers on Tuesday to decide about unveiling two products- a standard Motor and a standard Health policy- on the platform.
Seth will be in New Delhi on Tuesday to meet insurers and hospitals to push for common empanelment system wherby the hospitals have to charge uniform rates for tratments across the insurers. The meeting will be coordinated by trade and industry lobby body-Confedearation of Indian Industry(CII).
“We are also having a VC with insurers and officials of the Bima Sugam Federation of India(BSFI),wherein details of a standard motor and standard medical policy sold over the platform would be discussed,’’ said the IRDAI sources.
He will also discuss the proposed rules and regualtions linked to the new Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 (“SBSR Act”). The IRDAI had deliberated the new Act in its recent Board meeting. The legislation amends the Insurance Act, 1938 and the IRDA Act, 1999, thereby necessitating the framing of new regulations and amendments to existing regulations to align the regulatory framework with the provisions of the new law.
Earlier, while launching the website of the Bima Sugam, Seth had said the platform represents a critical step towards creating India’s Digital Public Infrastructure (DPI)for insurance, and this initiative will empower policyholders, deepen insurance penetration, and ensure transparency and fairness across the value chain.
The rollout of Bima Sugam platform features will follow a phased approach, ensuring the highest levels of security, compliance, and scalability. In line with the Board-approved roadmap, the marketplace will progressively go live with real transactions as insurers and ecosystem partners complete necessary integrations over the coming months.
The platform aims to simplify the entire insurance journey, right from policy selection and purchase to claim settlement and renewal through a completely paperless process using just the policy number.
E&Y is the project consultant of Bima Sugam and it had achieved its financial closure by mopping up around Rs 340 crore from the Indian insurers.
BSIF had moved to the final phase of kick starting Bima Sugam by awarding a Rs 100 crore contract to Protean eGov Technologies Limited to develop the hi-tech platform.
Protean eGov Technologies Limited will serve as the technology solution provider for end to-end development, implementation, support and maintenance of Bima Sugam Marketplace platform integrations and marketplace protocols.