The first phase of Bima Sugam, an electronic marketplace aimed at making insurance more accessible and affordable, is expected to launch in April 2025, according to local reports in India, quoting Debasish Panda, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
It is reported that significant progress was made on the project in a recent meeting held in Mumbai, which was attended by CEOs of life, general, and health insurance companies as well as representatives from the Life and General Insurance Councils.
The filing formalities for incorporating the entity as a Section 8 (non-profit) company under the name ‘Bima Sugam India Federation’ is understood to have already been completed and the process of appointing the Managing Director and CEO, along with other key managerial personnel, is nearing completion.
Panda describes Bima Sugam as a revolutionary project for the Indian insurance sector, poised to democratise and universalise insurance in India.
Tapan Singhel, Chairman of the General Insurance Council, stated that the collective efforts of all stakeholders are critical, expressing confidence that the platform will play a pivotal role in achieving the goal of ‘Insurance for All’ by 2047, reported The New Indian Express.
