Bima Sugam to roll out in phases for insurers, intermediaries, customers

Bima Sugam India Federation said the digital insurance marketplace will launch in phases this year with pilot insurer integrations and gradual customer onboarding

Bima Sugam India Federation (BSIF) on Friday said that the digital insurance marketplace — Bima Sugam — will be enabled in a phased manner this year for customers and intermediaries to transact.

 

“The platform will initially be open for insurers to begin pilot integrations and consequently there will be progressive onboarding of insurers and intermediaries. The platform will be enabled in a phased manner for customers and intermediaries to transact in the current year. This step-by-step approach, aligned with Board-approved timelines, will ensure smooth adoption, strong compliance, and secure customer experience before full-scale rollout,” a statement by Bima Sugam Federation said.

 

The company also said the official website of Bima Sugam will go live soon. The technology build and insurer engagement are progressing, according to the BSIF board approved timelines.

 

Bima Sugam is part of Insurance Regulatory and Development Authority of India’s (Irdai’s) broader Bima Trinity, which also includes Bima Vistaar — a rural-focused composite insurance product — and Bima Vahaak, a women-centric agent network that will sell Bima Vistaar products through the Sugam platform.

 

Protean eGov Technologies has been appointed the technology partner for the platform’s development, implementation, and maintenance. 

 

ExecutiveAccess is engaged as HR consultant to oversee recruitment, while EY is providing advisory support.

 

Prasun Sikdar, managing director (MD) & chief executive officer (CEO), Bima Sugam India Federation, said, “Bima Sugam is a one-of-its-kind industry-owned digital marketplace, designed to transform the way insurance is bought, sold, and serviced in India. Our phased approach reflects our focus on reliability, regulatory alignment, and customer trust.”

 

The company has an authorised capital of ₹500 crore and a paid-up capital of nearly ₹310 crore, and shareholding spread widely across insurers, Bima Sugam is a truly collective initiative by the industry.

 

BSIF recently concluded structured working sessions with nearly 150 representatives across the insurance industry and is now co-creating the integration handbook to support drop-wise onboarding and standardised application program interfaces (APIs)/masters.

 

“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, accessible, and available to every Indian, supporting the national goal of Insurance for All by 2047,” Sikdar added.