Bima Sugam likely to reduce dependence on intermediaries for insurers

According to IRDAI's annual report for FY23, the online sales channel of life insurers contributed to 0.84 per cent of the individual new business premium (NBP)

Electronic insurance marketplace Bima Sugam is expected to reduce the dependence of insurance companies on intermediaries and promote the sale of products through direct digital means, according to industry leaders. The Insurance Regulatory and Development Authority of India (Irdai) approved Bima Sugam during its board meeting on March 19.

Bima Sugam, part of Irdai’s Bima Trinity - Bima Vistaar, Bima Vahak, and Bima Sugam - is a platform that will list insurance products from life, health, general, motor, travel, property, among other insurance categories, providing a comprehensive one-stop shop for insurance needs.

“Insurance companies stand to benefit from the reduction