Rakesh Joshi, chairman, Bima Sugam India Federation

Joshi as a member of IRDA from March 2022 to December 2023, under the chairmanship of Debasish Panda  was very closely involved with the development and implementation of Bima Sugam  and Bima Vistaar

Mumbai: Rakesh Joshi, former member, Finance and Investment, IRDAI, has taken over as the chairman of Bima Sugam India Federation (BSIF), that runs two game changing e- platforms- Bima Sugam and Bima Vistaar.

Bima Sugam India Federation(BSIF) is a non-profit company and has Prasun Sikdar as its CEO.

Joshi as a member of IRDA from March 2022 to December 2023, under the chairmanship of Debasish Panda was very closely involved with the development and implementation of Bima Sugam and Bima Vistaar from the beginning.

Swaminathan Iyer, member, Life, IRDAI  on Wednesday said that the industry will see launch of Bima Sugam and Bima Vistaar  soon.

“They are on track, You will hear more about them soon,” said Swaminathan,

Bima Sugam had a board meeting on Tuesday  under the chairmanship of Joshi

After raising its basic capital of around Rs 350 crore from industry players excluding three PSU general insurance companies , United India Insurance, Oriental Insurance and National Insurance and GIC Re, it is now gradually unfolding its activities by renting out an office space in Mumbai. .

Recently, BSIF has moved to the final phase of kick starting  Bima Sugam by awarding a Rs 100 crore contract to Protean eGov Technologies Limited  that 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.

Some of the other board members of BSIF are- Amit Jhingran, MD&CEO, SBI Life,Mahesh Balasubramanian, MD &CEO , Kotak Life, Anup Bagchi, MD&CEO, ICICI Pru Life, Tapan Kumar Singhel, MD&CEO, Bajaj Allianz General Insurance .

Sources point out that Bima Vistaar , an affordable, all-in-one insurance product designed by IRDAI to offer comprehensive coverage for life, health, personal accident, and property, under a single policy priced at Rs 1500, was supposed be launched in April but sudden departure of Panda as chairman of IRDA has delayed it.