Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has approved the setting up of Bima Sugam.
About Bima Sugam:
It is like an e-commerce platform where insurance companies can sell their products. It onboards all the companies that offer life and non-life insurance products under one roof.
It aims to provide an 'end-to-end' digital journey to all policyholders like from buying insurance policies to renewals to claim settlement to portability to grievance redressal.
It serves as a one-stop solution for all insurance stakeholders, including customers, insurers, intermediaries and agents, thereby, promoting transparency, efficiency and collaboration across the entire insurance value chain.
It will be a unified platform, which will be integrated with various govt databases, insurers, intermediaries, insurance repositories, etc., for fetching customer details, providing product information, and buying and servicing Insurance policies.
Bima Sugam aims to eliminate the paperwork as you can simply have your policy in an electronic format. Customers can view all their policies — life, health and non-life insurance — in one single application or window under Bima Sugam.
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