Bima Sugam will be a one-stop platform for all insurance needs such as Life, and General insurance such as Motor, Travel, health,etc. categories. Insurance companies can onboard the platform. It’s going to be plug and play with API (Application Programming Interface)
In line with creating ease of doing business and making available Life and Health to all at a subsidised premium, there will be a lot of solutions around the same for the policyholders under BIMA Sugam.
Who can have access to Bima Sugam?
It allows buyers to purchase life, motor or health insurance policies directly. Besides, web aggregators, brokers, banks and insurance agents will act as facilitators in selling insurance policies.
The Bima Sugam platform will provide all these facilities to policyholders with an e-insurance account (E-IA).
Who will own it? Several insurance companies (both general and life insurers) would become major shareholders of the Bima Sugam platform.
The overarching Insurance Platform shall enable the following services for the customers- Buy insurance policy, Claim Settlement, Agent Portability, Policy Portability.
Agent portability will surely help genuine customers who are facing difficulties with existing agents in terms of getting services. This may also be due to a shift in the location of the policyholder or agent itself. This also will elevate the after-sales services stronger wherever the agent is involved by creating a good customer experience.
Existing Insurance Repository will get a boost in terms of all Insurance companies subscribing to it as Approved Person.
Reach of insurance will be expanded and this is going to be a game changer. It will be a huge facilitator and with this platform, you will not need to go anywhere physically.