Bima Sugam to start ops soon, says CEO Sikdar
MUMBAI: Bima Sugam , the platform envisaged to connect various insurance distributors and service providers with insurance companies and customers, will start soon with the legal entity already incorporated and capitalised, its CEO has said.
Prasun Sikdar , managing director and CEO of Bima Sugam India Federation (BSIF), said the official website of the industry-owned digital insurance marketplace would go live shortly. “Bima Sugam is a one-of-itskind industry-owned digital marketplace, designed to transform the way insurance is bought, sold, and serviced in India,” he said. He added that the roll out will be phased out to ensure reliability and customer trust.
The build and insurer engagement are progressing as per board-approved timelines, with Protean eGov Technologies working alongside BSIF. The platform will first open for pilot integrations with insurers, followed by progressive onboarding of insurers and intermediaries. Customer transactions are expected to begin later this year in a phased manner to ensure smooth adoption and compliance.
BSIF functions as a board-managed company under Irdai’s Bima Sugam – Insurance Electronic Marketplace Regulations 2024. It has an authorised capital of Rs 500 crore and paid-up capital of Rs 310 crore, with shareholding spread across life, general, and health insurers.
Sikdar said: “With capital strength, regulatory clarity and industry-wide participation, Bima Sugam is entering its final lap. It will play a pivotal role in making insurance affordable and accessible to every Indian.”
Prasun Sikdar , managing director and CEO of Bima Sugam India Federation (BSIF), said the official website of the industry-owned digital insurance marketplace would go live shortly. “Bima Sugam is a one-of-itskind industry-owned digital marketplace, designed to transform the way insurance is bought, sold, and serviced in India,” he said. He added that the roll out will be phased out to ensure reliability and customer trust.
The build and insurer engagement are progressing as per board-approved timelines, with Protean eGov Technologies working alongside BSIF. The platform will first open for pilot integrations with insurers, followed by progressive onboarding of insurers and intermediaries. Customer transactions are expected to begin later this year in a phased manner to ensure smooth adoption and compliance.
BSIF functions as a board-managed company under Irdai’s Bima Sugam – Insurance Electronic Marketplace Regulations 2024. It has an authorised capital of Rs 500 crore and paid-up capital of Rs 310 crore, with shareholding spread across life, general, and health insurers.
Sikdar said: “With capital strength, regulatory clarity and industry-wide participation, Bima Sugam is entering its final lap. It will play a pivotal role in making insurance affordable and accessible to every Indian.”
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