India: First phase of Bima Sugam to be launched around April 2025
Source: Asia Insurance Review | Jul 2024
The first phase of Bima Sugam, a proposed ground-breaking one-stop online platform for insurance services, is expected to be launched around April next year, IRDAI chairman Debasish Panda said at a 7 June meeting with the CEOs of life, general and health insurers.
The authorities will incorporate a non-profit company to operate Bima Sugam. The process of appointing a managing director and CEO as well as other key management personnel for the entity is nearing completion, General Insurance Council said at the meeting, according to local media reports.
The business structure of Bima Sugam and updates from various sub-groups, including operations and technology, were also reviewed. Additionally, the proposed first directors of the company engaged in an informal discussion regarding the broad plan of action for the launch of Bima Sugam, the Council said in a release.
The objective of operating Bima Sugam is to make insurance more accessible, affordable and user-friendly. It is a platform where customers can buy a suitable insurance plan after making comparisons among various products. It also provides for a streamlined claim settlement process. A