“The launch of the website today is an important milestone, and I am confident that with collective industry commitment, the vision of ‘Insurance for All by 2047’ — as part of the Prime Minister’s mission of Viksit Bharat 2047 — will become a reality. Ajay Seth,chairman, Irdai
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
Hyderabad: Insurance Regulatory Development Authority of India (Irdai) chairman Ajay Seth on Wednesday launched the official website of Bima Sugam India Federation (BSIF), the company which will be supervising the functioning of game changing e-marketplace Bima Sugam.
“The launch of the website today is an important milestone, and I am confident that with collective industry commitment, the vision of ‘Insurance for All by 2047’ — as part of the Prime Minister’s mission of Viksit Bharat 2047 — will become a reality,” he said.
Seth said Bima Sugam represents a critical step towards creating India’s Digital Public Infrastructure 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 website was launched in the presence of industry CEOs, senior IRDAI officials, and the Bima Sugam leadership team at the IRDAI headquarters in Hyderabad.
Rakesh Joshi, chairperson, Bima Sugam India Federation (BSIF), said, “With this website, we take the first visible step towards building an inclusive, seamless, and technology-driven insurance ecosystem for the country.”
Prasun Sikdar, MD & CEO, BSIF, said, “The Bima Sugam website is our authentic gateway for the public and the industry. It provides clarity on our vision, governance, and progress, while bringing customers, insurers, and intermediaries together on a common platform. This is the first milestone in a journey that will transform insurance access and transparency for every Indian household.”
The launch marks the first visible step in building India’s pioneering Digital Public Infrastructure (DPI) for insurance, aligned with the national vision of ‘Insurance for All by 2047’ and the Prime Minister’s mission of Viksit Bharat 2047, a statement from IRDAI said.
Bima Sugam is a digital platform designed to bring all insurance services under one roof. It will allow users to browse and choose from a wide range of life, health and general insurance plans offered by different companies.
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 has 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.
The Bima Sugam, which is a part of Bima Trinity- Bima Sugam, Bima Visaar and Bima Vahak, as planned by former IRDAI chairman Debasish Panda is over delayed now.Panda, who demitted office on 13th March, had set a date of Apr 19, the foundation day of the IRDAI, as the launching day of the Bima Sugam.
Even, the launch of Bima Vistaar and Bima Vahak, the localised women-centric insurance field sales force for selling insurance in the hinterland of country, which was also planned for an April launch, has been postponed due to absence of a regular chairman at the IRDAI.
Insurtech Zopper has already completed the IT platform for Bima Vahak.
One of the worst initiative ever. IRDAI is a regulatory body not sales enablers. On the same point now irdai should open their own Insurance Company creating and selling their own products, curating cost effective products for Rural areas . This way they can reduce imsurance related Grievances to Zero which is another chronic Pain point for industry.
Regulatory bodies do create or nudge that sector for transperancy. One should read history about how insurance company owners were using their family investment companies and other measures to siphon the investible funds leading to defrauding insured public which lead to their nationalization . We read daily news of all types fraudsters using their indigenous methods for looting the public. Shall Any concerns of over interference can be addressed by experience.
IRDAI hardly helps any customer.If any complaint is to be lodged they give a mountain of forms & details to be submitted only to be replied that details are insufficient to process the complaint.Just another usless salary skimming establishment with no accountability
There is no need of such initiative, this is flop show
IRDAI needs to have better supervisory control over insurance companies. The insurance companies are cheating public which need to curbed by the government.
Brother, let’s figure out what the work is.
Can they get the claim?
So many insurance claims are being rejected without any reason.
If they can get the claim and the customer’s opinion is good, otherwise the government is wasting money.
In Hindi
Bhai kaam kya hai iska ata toa challa .
Kya claim dilva sakti hai .
Itna insurance claim reject kr raha hai bina matlab .
Aagar claim dilva saka or customer ki socha toa aachi hai nhi toa pasa barbad kr rahi hai sarkar
Couldn’t agree more.Hit the nail. IRDA is a regulatory body, not an insurance company or pushing more like a sales gimmick on the push of the central government.Here the fence is eating the fields, SIC. Well said and to the point Mr. Basanth kumar,
This irdai is lion with no teeth. They prefer to favour the companies rather than customers. One more fooling platform.
IRDA s role is supervisory in nature and they are established to carry out regulatory provisions in whatever manner possible to make insurers reach the customer’s doorsteps. It should not be in its role to create E-platform for selling insurance to public directly. This will pave way only for appeasing tech savvy private individual insurers rather than making the field accessible for competitiveness.
Digital platforms can do only cherry-picking compared to the hard paper seliing insurers. Not an encouraging scenario!
Thank you
Comment- you have said it rightly
*बिलकुल सही कहा अपने।
A step towards protection of policyholder,insurer and hospitals.in coordinating faster smoother and hasselfree services.
Congratulations to Chairman
IRDAI on innaguration of BSIF.Trust it will prove to be a Bima Revolution in diversified Gen Insurance Industry.
Coman man is generally aware of Motor, Fire & Mediclaim.Even PA policy befits, by & large are not known.
Best Wishes & Regards
I do agree with the comment above that a lion without teeth. Useless body. Function of IRDAI is baseless for customer . I made complain to IRDAI to resolve the issue raised by TPA I.e. Vidal Health care appointed by Insurance CO. UIIC regarding curtailment of bonafide claim amount by enclosing the circular in black& white,Procured from local TPA office. But result is big Zero. Please come forward for general customer 🙏 with all clarity. Myself a retired fraternity from Central Warehousing Corporation,CPSU as ‘B’catogary ,residing at Patna.
IRDA body is not acting as a proper regulator body which it should.
Sir, I am a senior citizen. Niva Bhupa Insurance Company increased my premium several times. I complained to you but there was no solution.
सर मैं सीनियर सिटीजन हूं
निवा भूपा इंश्योरेंस कंपनी ने मेरा प्रीमियम कई गुना बढ़ा दिया आपके यहां शिकायत करने पर कोई समाधान नहीं निकला
These are nothing but to giving facilities to private companies only. How much does SEBI maintain transparency..?? IRDAI is going to be another SEBI . We all know Insurance history in India. So we should never support this platform..
Every now and then IRDA brings new ammendments . How it helps Policy holders nobody knows .
Why irdai twitter account not available. In fact irdai should create new dedicated mobile app for citizens of India.
Irdai should come with protection of consumer from claim rejection, fake insurance miselling by banks and LIC Agent.
Group insurance provided by banks should also be made portable
IRDAI failed to provide justice to common people who have e been cheating by cashless healt insurance co denying claim wrongly during treatment. The health insurance co name is star health. Even complaint in IRDAI , no action or correspondence given by IRDAI. IRDAI working as agent of health co.
It is very wrong.
Instead of opening new web sites, IRDA should concentrate on complaints by citizens on the loot of insurance companies l have sent a complaint to IRDA no one has bothered to reply, I called their customer care number, no use, they couldn’t address my query