IRDAI has formed a steering committee, which will act as the apex decision making body for creation of its ambitious Bima Sugam platform, and it indicated that it will soon appoint a project consultant for which Request for Proposal (RFP) has already been issued.
While Bima Sugam will enable individuals to buy a life, health, motor or property insurance policies online, its implementation has now been postponed thrice. The platform will enable easy access under a single roof for insurance companies, agents, brokers, banks and even aggregators.
The platform will act as a centralised database which will assist consumers with all insurance related queries. It will also pave the way for a speedy acceptance of new or sandbox products.
After changing the deadline twice, the regulator has now set a new deadline of July 2024 for its Bima Sugam project to go live and has for the first time unveiled the entire spectrum of services to be provided by this mega tech project. It will be a centralised marketplace and a one-stop-shop for all insurance-related queries, including policy purchase, claim settlement, insurance advice and grievance redressal.