Bima Sugam Platform

Syllabus: GS2/Government Policies and Interventions

News

• Insurance regulator IRDAI has formed a steering committee, which will act as the apex decision making body for creation of its ambitious Bima Sugam platform.

About

• The steering committee is composed of members from IRDAI, LIC and private insurance companies like ICICI Prudential Life Insurance, Tata AIA Life Insurance and others.
• Responsibilities of the committee include incorporation of Section 8 not-for-profit company which will be the company owning the Bima Sugam platform. 
• The platform will support all personal and commercial/business insurance requirements and support in identifying and comparing optimal products to meet user requirements within stipulated timelines. 

Bima Sugam Platform

• Bima Sugam will enable individuals to buy life, health, motor or property insurance policies online. 
• The platform will enable easy access under a single roof for insurance companies, agents, brokers, banks and even aggregators.
• The platform will act as a centralised database which will assist consumers with all insurance related queries. 
• It will also pave the way for a speedy acceptance of new or sandbox products.
• It will be a centralized marketplace and a one-stop-shop for all insurance-related queries, including policy purchase, claim settlement, insurance advice and grievance redressal.

Source: IE