Recent in News:
Insurance Regulatory and Development Authority of India, announced the launch of Bima Sugam—an online marketplace that will house all companies selling life and non-life insurance on a single platform. The portal is scheduled to go live from 1 January 2023.
What is Bima Sugam Portal ?
- The online platform will provide with a one-stop destination for all insurance needs, providing services like buying insurance policies, portability facilities, change of insurance agents and settling of claims.
- It allows buyers to purchase life, motor or health insurance policies directly.
- The Bima Sugam platform will provide all these facilities to policyholders with an e-insurance account (E-IA).
Who are stakeholders of Bima Sugam Portal?
Several insurance companies (both general and life insurers) would become major shareholders of the Bima Sugam platform. This the structure of ownership :Life Insurance Council (30%), General Insurance Council (30%), Online PSBs (35%) and Brokers Association (5%)
Why there was need of Bima Sugam Portal?
IRDAI data shows that banks and insurance brokers received 12,300 and 10,800 complaints, respectively,
related to mis-selling in the financial year 2020-21 and that 68% of complaints were rejected in the same financial year. Mis-selling via non-transparent communication and nonawareness.
To reduce the mis-selling and increase transparency Bima Sugam Portal is being built.
How Bima Sugam portal will work?
The platform will push for end-to-end digitisation of the insurance-selling ecosystem. The selected repositories can help maintain the insurance policies of the policyholder and his family. Policyholders will have their E-Bima or E-insurance accounts wherein they can view their policies and file a claim. “The information links stored in one place will make claim settlement easier for nominees/beneficiaries. Moreover, the portal will help individuals apprehensive about sharing their contact details with aggregator portals to obtain policy premium quotes.
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