Prasun Sikdar, MD & CEO, designate, Bima Sugam Federation

“I am truly excited about the journey ahead and the potential to democratise and universalise insurance in Bharat. Our commitment to enhancing affordability, accessibility, and availability is crucial as we explore new initiatives, innovations, and strategies”

Mumbai: The Bima Sugam India Federation in an official announcement has said insurance regulator IRDAI has approved the name of Prasun Sikdar as its first managing director & chief executive officer.

Sikdar, who is currently MD&CEO of Manipal Cigna Health Insurance, has been appointed for a three-year term and likely to take up his new assignment on 1st November.

Bima Sugam, an ambitious platform aimed at democratizing insurance in India, potentially becoming the first of its kind globally, is being set up with an initial cost of RS200 crore. This single-window digital platform, which will go live by third week of April as planned by the IRDAI, will serve as a comprehensive marketplace where consumers can compare, purchase, and manage insurance policies across life, health, and general insurance sectors.

Sharing his perspective, Sikdar said, “After having served close to 25 years in the
insurance industry, I am honoured to lead this revolutionary initiative of Bima Sugam. Bima Sugam will enable and empower all its stakeholders – customers, distributors, and insurers. This progressive platform will likely be one of the first initiatives of its kind globally.

“I am truly excited about the journey ahead and the potential to democratise and universalise insurance in Bharat. Our commitment to enhancing affordability, accessibility, and availability is crucial as we explore new initiatives, innovations, and strategies. The vision of ‘Insurance for All’ deeply resonates with me, and I am profoundly committed to working alongside the regulator and my industry colleagues to make this vision a reality,” he said.

Speaking on the appointment, Tapan Singhel, founding director & chairman of the Nomination and Remuneration Committee of the Bima Sugam India Federation, said,
“Bima Sugam is poised to revolutionize the Indian insurance sector. It promises to reshape how insurance is perceived and consumed in the country, making protection and financial security available at the fingertips of every Indian.”

“The initiative aims to transform the insurance landscape by enhancing the accessibility, affordability, and availability of insurance products for every Indian citizen. Sikdar’s deep industry knowledge and leadership skills will be instrumental in driving this revolutionary initiative to success,” said Singhel

The Nomination and Remuneration Committee of the Bima Sugam India Federation, a non-profit company, over the last few months, carried out an extensive search process and shortlisted various candidates for this critical position of leading the Bima Sugam project. Upon the completion of the selection process, the Board of Bima Sugam India Federation unanimously chose Sikdar as the ideal fit for this role, said an official release from Bima Sugam India Federation.

E&Y has been appointed as a consultant for developing the Bima Sugam project.

The platform is designed to offer unparalleled convenience, transparency, and access to insurance products,empowering millions of Indians with easy-to-understand and affordable insurance solutions.

Bima Sugam’s core objective is to bring about inclusivity in the insurance ecosystem by
leveraging technology to reduce complexities, streamline processes, and make insurance accessible to all, particularly in underserved regions.

The platform will facilitate a seamless experience for policyholders, offering real-time claim settlements, grievance redressal, and other value-added services. By doing so, it aims to break barriers and significantly enhance insurance penetration across the country.