Bima Sugam India Federation Website Launched by IRDAI Chairman Ajay Seth to Enhance Insurance Access

The Insurance Regulatory Development Authority of India (IRDAI) chairman, Ajay Seth, unveiled the official website for the Bima Sugam India Federation (BSIF) on Wednesday. This launch signifies a significant step towards establishing India's Digital Public Infrastructure (DPI) for insurance, aligning with the national goal of achieving "Insurance for All" by 2047 and the Prime Minister's mission of Viksit Bharat 2047.

Seth highlighted that Bima Sugam is crucial in developing India's DPI for insurance. This initiative aims to empower policyholders, enhance insurance penetration, and ensure transparency and fairness throughout the value chain. "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 stated.

Digital Platform for Insurance Services

Bima Sugam serves as a digital platform that consolidates all insurance services in one place. It enables users to explore and select from a variety of life, health, and general insurance plans provided by different companies. The platform is designed to streamline the entire insurance process, from policy selection and purchase to claim settlement and renewal.

The launch event took place at the IRDAI headquarters in Hyderabad, attended by industry CEOs, senior IRDAI officials, and the Bima Sugam leadership team. This gathering underscored the collaborative effort required to achieve the ambitious goals set forth by this initiative.

Streamlining Insurance Processes

The Bima Sugam platform aims to simplify the insurance journey through a completely paperless process using just the policy number. This approach is expected to make it easier for users to manage their insurance needs efficiently and effectively.

This initiative is part of a broader effort to build a robust digital infrastructure for insurance in India. By bringing all services under one roof, Bima Sugam seeks to make insurance more accessible and user-friendly for everyone.

The establishment of this digital platform marks a pivotal moment in India's journey towards comprehensive insurance coverage. With continued industry support and commitment, the vision of providing "Insurance for All" by 2047 appears increasingly attainable.

With inputs from PTI