Bima Sugam to roll out standardised life, health, motor insurance this year

Irdai to set up Public Insurance Repository to strengthen data infra

The insurance industry will soon begin developing products for the yet-to-be-launched Bima Sugam platform, starting with motor and health insurance, followed by life insurance. The decision follows discussions between the Insurance Regulatory and Development Authority of India (Irdai) and chief executives of insurance companies at a meeting held in Delhi on Tuesday. 

 

Irdai has also proposed setting up a Public Insurance Repository (PIR) to strengthen the industry’s data infrastructure, as an extension of the Insurance Information Bureau of India (IIB), according to sources who attended the meeting.  

 

Motor insurance products are expected to go live on Bima Sugam by July, followed by health in August and life insurance by September. Separate committees with representation from insurance companies have been formed for each segment to design standardised products for the platform, sources said. 

“Motor will be launched first, followed by health and then life. Products will be standardised, with differentiation on pricing, underwriting, and customer experience,” a person aware of the discussions said.

 

The proposed setting up of PIR as an expanded version of the IIB aims to create a comprehensive data repository for the sector. The move is expected to reduce duplication, improve automation and enhance data quality for underwriting and analytics. The existing IIB, set up by Irdai in 2009, currently processes transactional data from insurers to aid risk assessment and fraud detection. 

 

The PIR is envisioned as a consent-driven, legally compliant digital infrastructure covering the entire policy lifecycle from issuance to claims, grievance redressal, and dispute resolution, IRDAI said in a statement. 

 

As a structured, interoperable information infrastructure it will empower consumers by bridging the knowledge gap between different participants and bringing more transparency in the entire insurance value chain, it added. 

 

“The proposed Public Insurance Registry represents an important step towards modernising the information architecture of the insurance sector. By enabling standardised, consent-based access to structured insurance data, the initiative seeks to enhance transparency, strengthen consumer confidence, and support more effective regulatory oversight”, said Ajay Seth, Chairman, IRDAI. 

 

This reform is intended to build a more accountable, efficient and data-driven insurance ecosystem that can support sustainable growth in insurance inclusion, as envisaged in ‘Sabka Bima Sabki Raksha’ vision., he added.  Separately, in another discussion between general and health insurance companies, Irdai and CII, there were discussions largely focused on how insurers and hospitals can collaborate for better customer experience. There were 5 Independent working committees including insurers and hospitals that made presentations focused on the same.

 

The Bima Sugam platform, whose website was launched in September 2025, is being positioned as a digital marketplace bringing insurers, intermediaries and customers onto a single interface. It will enable policy purchase, servicing and claims in a paperless manner. 

 

Protean eGov Technologies has been appointed as the technology partner for the platform's development and maintenance.

 

Bima Sugam is part of 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.

 

The implementing entity, Bima Sugam India Federation (BSIF), has an authorised capital of ₹500 crore and a paid-up capital of around ₹310 crore, with shareholding distributed across life, general and health insurers. The platform is expected to roll out in phases for customers and intermediaries starting this year.

 

BSIF has 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 APIs/masters.