Bima Sugam, a comprehensive single-window platform digitally, is set to launch in India, featuring all the products and services of the participating insurance companies, ranging from Life, Health to General insurance policies such as Motor and Travel categories. This platform is supported by the Insurance Regulatory and Development Authority of India (IRDAI), the Life Insurance Council, and the General Insurance Council.
The aim of the Bima Sugam platform is to simplify the process of purchasing insurance policies for customers. Customers can easily compare and purchase insurance policies from various insurers based on their individual requirements and preferences.
It is also expected to encourage more people to purchase insurance policies, particularly those who have been hesitant to do so in the past due to the complicated and time-consuming process.
Bima Sugam can change the customer experience in the following ways:
Single-window platform: Bima Sugam will provide a single-window platform for customers to find and access all participating insurance companies' products and services, making it easier and more convenient to purchase insurance policies.
Greater transparency: The platform is backed by the insurance regulator, the Life Insurance Council, and the General Insurance Council, which ensures that all participating insurance companies adhere to the rules and regulations set by the regulator. This will lead to greater transparency in the insurance industry and improve customer trust.
Improved accessibility: Customers will no longer have to navigate through multiple websites or deal with various agents to purchase their insurance policies. Instead, they can simply log on to the platform, compare policies, and purchase the policy of their choice with just a few clicks.
Easy comparison: Bima Sugam will allow customers to easily compare policies from various insurers based on their individual requirements and preferences, making it easier for them to find the right policy that suits their needs.
Time-saving: The platform will simplify the process of purchasing insurance policies, saving customers time and effort that they would have otherwise spent in researching and comparing policies.
Increased competition: Bima Sugam is expected to encourage more competition in the insurance industry, which will lead to better policies at more affordable prices for customers.
Increased insurance penetration: By simplifying the process of purchasing insurance policies and making it more accessible, Bima Sugam is expected to increase insurance penetration in the country, which is currently quite low.
Bima Sugam: Launch update
The launch date of Bima Sugam, which was initially planned for January 1, 2023, has been postponed until further notice. Despite the postponement, the digital platform is still eagerly awaited, as it promises to simplify and streamline the process of purchasing insurance policies in India. However, customers and insurers alike are looking forward to the eventual launch of Bima Sugam and the benefits it will bring.
In summary
Bima Sugam is a digital platform that aims to revolutionise the insurance industry in India by providing a one-stop shop for all insurance needs. It is expected to simplify the process of purchasing insurance policies for customers, encourage greater competition in the insurance industry, and increase insurance penetration in the country.
