Bima Sugam by IRDAI, soon to be a Game Changer for Insurance Sector

One-Stop Shop for all Insurance Needs

In an interview with PTI, Debasish Panda, the chairman of the (IRDAI) said, ‘Bima Sugam can be a UPI moment for the insurance sector’.

In the times when UPI has revolutionised digital payment, the Bima Sugam portal will be a one-stop solution for buying, selling insurance, policy servicing and for claim settlement as well. It will be a plug-and-play application (API), Panda said.

He further added that this portal can be accessed by all insurance intermediaries, along with individual agents and web aggregators as well.

Also, two modes i.e. assisted and direct mode will be offered to customers to buy an insurance product. So people who prefer the assisted mode can take help of the any of the intermediaries.

Variety of Products to Choose From

This portal would be just like a shopping mall where customers can go and select the choice of their products. For the KYC verification, the customer will be required to enter Aadhaar number, after which all the related data will auto-populate.

Furthermore, the underwriting of policy can also be done through the portal in just a few easy steps.

For easy liability servicing, the IRDAI is also trying to mandate that all the policies should go to the insurance repositories that will store details on a permanent basis. This process will help in the settlement of claims in a paperless manner on the basis of policy numbers.

The Bima Sugam portal is an effort to promote ease of living and expand the reach of insurance. He further considered this portal to be a game changer and a huge facilitator as with this platform a policyholder will not need to go anywhere physically.