IRDAI reviews progress on Bima Sugam

Mumbai, June 07: Today, a crucial meeting was held which was attended by the IRDAI Chairman, Mr. Debasish Panda, and the CEOs of life, general and health insurance companies along with the Life and General Insurance Councils to review the status of Bima Sugam project. The Bima Sugam is set to transform the Indian insurance sector, making insurance more accessible, affordable, available, and user-friendly for all citizens.

During the meeting, significant progress was reported on the Bima Sugam project. One of the major milestones achieved is the completion of the filing formalities for the incorporation of the Bima Sugam entity. The entity would now be incorporated as a Section 8 (non-profit) company under the name ‘Bima Sugam India Federation’.

The process of appointing the MD & CEO, along with other Key Managerial Personnel for the Bima Sugam entity, is nearing completion. 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 launching of Bima Sugam.

IRDAI Chairman Debasish Panda stated that Bima Sugam is a revolutionary project for the Indian insurance sector and is poised to democratize and universalize insurance in India and possibly one of the first initiatives of its kind across the world. The first phase of Bima Sugam is expected to be launched next year around April 2025.

Commenting on the progress, Tapan Singhel, Chairman of the General Insurance Council said, “The Bima Sugam initiative holds immense promise for transforming the Indian insurance landscape, making insurance truly accessible, affordable, and available for all. The successful incorporation of 'Bima Sugam India Federation' as a non-profit entity paves the way for appointing key leadership and finalizing the operational framework. This initiative embodies the power of technology and innovation to improve the insurance experience for all. The collective efforts of all stakeholders are critical, and we are confident that Bima Sugam platform will play a pivotal role in achieving 'Insurance for All by 2047.'"

The meeting also included discussions on the recently notified health insurance regulations/master circular, which have been substantially revamped by the Regulator to ease the overall experience of the policyholders. This landmark master circular, designed to empower policyholders and enhance transparency, aligns perfectly with the overall vision of making insurance more accessible and customer-centric. We are confident that these comprehensive reforms along with combined efforts will significantly improve customer satisfaction in the Indian insurance industry, reinforcing the industry's mission to provide accessible and reliable insurance solutions to every Indian.