Bima Sugam Phase I likely to launch in December after slight delay

Bima Sugam, the Irdai-backed digital insurance marketplace, is expected to launch Phase I in December with e-KYC and initial products, sources said, after missing earlier timelines

The first phase of Bima Sugam — the insurance regulator’s ambitious project to create an Amazon-like one-stop digital platform for insurance policies — is expected to be launched in December, according to people familiar with the development.

 

In the first phase, the platform will feature an e-KYC module along with two to three insurance products available for purchase, the sources said.

 

There had been speculation that the initiative might be put on hold following the exit of Debasish Panda, who completed his three-year term as the Insurance Regulatory and Development Authority of India (Irdai) chief in March. However, the sources clarified that work is progressing, albeit with a slight delay from the earlier mid-year timeline. Ajay Seth on Monday took charge as Irdai chairperson for a three-year term.

 

First proposed by Irdai in 2022, Bima Sugam has missed several projected launch dates. The platform will be a single-window digital marketplace where consumers can compare, purchase, and manage insurance policies across life, health, and general insurance. This will also benefit distributors as they will be able to complete transactions faster and at lower costs.

 

Touted as the UPI moment for the insurance industry, Bima Sugam will become a public digital infrastructure keeping the policyholder at its core, offering an end-to-end experience across the product lifecycle and beyond. It also aims to democratise insurance in India, potentially becoming the first such platform globally.

 

The initiative is housed under the Bima Sugam India Federation, a not-for-profit company registered under the Companies Act. Prasun Sikdar is its chief executive officer, while Rakesh Joshi, former Irdai member (finance and investment), has taken over as chairman. The federation, which is owned by insurers, with each putting in a specified amount for the initiative, has an authorised share capital of ₹500 crore, with over ₹300 crore paid up

 

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.

 

Protean eGov Technologies has been appointed as 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.