Bima Sugam | UPSC

Bima Sugam mind map
Recent News
Draft rules by IRDAI
Launch anticipated in June 2024
When
Announcement Date
February 2024
Why
Objectives
Increase insurance penetration
Achieve 'Insurance for all by 2047'
What
Nature
Insurance e-marketplace
Features
One-stop platform
Facilitates various insurance services
Free for consumers
Regulatory Framework
Structure
Not-for-profit company
Governed by Companies Act, Section 8
Shareholding Pattern
Diverse among life, general, health insurers
Prevents single entity control
Governance
Board Composition
IRDAI nominates two members
Approval process for Chairperson & CEO
Committees
Risk Management Committee
Where
Geographic Focus
India
Who
Organizers
Insurance Regulatory and Development Authority of India (IRDAI)
Stakeholders
Customers, Insurers, Intermediaries, Agents
How
Implementation
Digital platform integration
Providing end-to-end digital solutions
Paperless claim settlements
Pros
Consumer Empowerment
Better access to insurance products
Enhanced transparency and efficiency
Industry Benefits
Improved transparency
Access to real-time data
Reduced paperwork
Challenges
Not explicitly mentioned in sources
Way Forward
Stakeholder Feedback
Deadline: March 4, 2024
Focus Areas
Digital transformation
Collaborative ecosystem development
Innovation in insurance services
Bima Trinity
Other Components
Bima Vistaar: Bundled risk cover
Bima Vahak: Women-centric distribution channel

Bima Sugam is an innovative digital initiative by the Insurance Regulatory and Development Authority of India (IRDAI) aiming to revolutionize the insurance sector in India. Slated for launch in June 2024, it is designed as a comprehensive insurance e-marketplace to facilitate a seamless and transparent insurance experience. Bima Sugam will offer a single platform for various insurance services, making them more accessible and affordable, thereby increasing insurance penetration in India. It is part of the broader Bima Trinity strategy, focusing on increasing insurance accessibility and affordability. The platform is a significant step towards achieving the national goal of ‘insurance for all by 2047’.

Reinsurance