By G Naga Sridhar

Copyright thehindubusinessline

Ajay Seth, Chairman of Insurance Regulatory and Development Authority of India (IRDAI), , has launched the official website of Bima Sugam India Federation (BSIF) here on Wednesday.

“Bima Sugam represents a critical step towards creating India’s digital public infrastructure for insurance. This initiative will empower policyholders, deepen insurance penetration and ensure transparency and fairness across the value chain,’‘ said Seth while launching the website.

“The launch of the website today is an important milestone, and I am confident that with collective industry commitment, the vision of Insurance for All by 2047 — as part of the Prime Minister’s mission of Viksit Bharat 2047 — will become a reality,’‘ the IRDAI Chairman added.

According to Rakesh Joshi, Chairperson, BISF, the federation was taking its first step towards “building an inclusive, seamless and technology-driven insurance ecosystem for the country”.

Prasun Sikdar, MD & CEO, BSIF, said: “The Bima Sugam website is our authentic gateway for the public and the industry. It provides clarity on our vision, governance and progress, while bringing customers, insurers and intermediaries together on a common platform. This is the first milestone in a journey that will transform insurance access and transparency for every Indian household.”

The platform will follow a phased approach, ensuring the highest levels of security, compliance and scalability. In line with the Board-approved roadmap, the marketplace will progressively go live with real transactions as insurers and ecosystem partners complete necessary integrations over the coming month.

BIma Sugam is part of the Bima Trinity Model envisaged by the insurance regulator, along with Bima Vistar, the all-in-one affordable product and Bima Vahak, a women-led distribution channel.

Industry hails move

The industry is positive about the launch of website. “The launch of Bima Sugam website marks a historic step towards making insurance simple, seamless and accessible to every Indian,’‘ Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, and Chairman, General Insurance Council, told businessline.

“It is proof of what the industry can achieve when we come together, not as competitors, but as collaborators. With the regulator’s vision and the united commitment of all insurers, Bima Sugam will transform India’s insurance landscape and set a global benchmark in digital public infrastructure,’‘ he added.

Bima Sugam is an innovative digital platform (an Amazon-like one stop digital platform) that innovates, develops and integrates advanced technologies to automate and digitize the processes for multiple stakeholders.

The stakeholders include insurance companies, policy holders’, intermediaries, insurance repositories and external data sources. All insurance requirements, including those for life, health, and general insurance (including motor, travel), will be met by BIMA Sugam.

The online platform, backed by the regulator, the Life Insurance Council and General Insurance Council, will allow individuals to fulfil all their insurance needs, right from buying the policy to claim settlement and much more.

Published on September 17, 2025