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IRDAI Approves Creation Of Insurance Marketplace Bima Sugam

Inc42 · 1y ago

IRDAI Approves Creation Of Insurance Marketplace Bima Sugam

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the establishment of the online insurance marketplace, Bima Sugam. The marketplace aims to improve insurance penetration and make insurance products more accessible and affordable. It will serve as a one-stop platform for buying, servicing, and settling insurance claims. The marketplace will promote transparency, efficiency, and collaboration across the insurance value chain. India's overall insurance penetration reduced to 4% in FY23, down from 4.2% in FY22, highlighting the need for initiatives like Bima Sugam. The development is expected to boost the Indian insurtech industry and support new-age insurance players.

Related News

IRDAI launches Bima Sugam: One-stop insurance marketplace, here’s how it works - The Economic Times

Economic Times

Economic Times · 1m ago

IRDAI launches Bima Sugam: One-stop insurance marketplace, here’s how it works - The Economic Times

The Insurance Regulatory and Development Authority of India (IRDAI) has announced the launch of the Bima Sugam portal, a one-stop digital marketplace aimed at transforming the Indian insurance sector. Supported by the Life Insurance Council and General Insurance Council, this platform will enable policyholders to compare and purchase various insurance policies online. Bima Sugam is set to improve transparency, efficiency, and collaboration across the insurance value chain, with its first phase expected to launch by December 2025.

IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders

Money Control

Money Control · 1y ago

IRDAI clears the decks for Galaxy Health Insurance, rolls out revised regulations for industry, policyholders

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the registration of Galaxy Health and Allied Insurance as a standalone health insurer. Galaxy Health will be the seventh company of its kind in India. The IRDAI also approved a set of new and revised regulations, including changes to product regulations, policyholder protection, and the establishment of Bima Sugam, an electronic insurance marketplace. Detailed circulars with the specific changes will be released by the IRDAI in the future.

IRDAI Floats Draft Regulations For Insurance Electronic Marketplace Bima Sugam

Inc42 · 1y ago

IRDAI Floats Draft Regulations For Insurance Electronic Marketplace Bima Sugam

The Insurance Regulatory and Development Authority of India (IRDAI) has issued draft regulations for Bima Sugam, a digital public infrastructure that aims to promote transparency, collaboration, and technological innovation in the insurance sector. Bima Sugam will be a not-for-profit company and its shareholding will be widely held among insurers, with no single entity having a controlling stake. The deadline for comments on the proposed norms is March 4. The platform seeks to empower policyholders, increase insurance penetration, and enhance availability, accessibility, and affordability.

SBI Life picks up 10% stake in Bima Sugam India Federation | Company Business News

Livemint

Livemint · 10m ago

SBI Life picks up 10% stake in Bima Sugam India Federation | Company Business News

SBI Life's board has approved acquiring a 10% stake in Bima Sugam India Federation for ₹6.6 crore. Bima Sugam, an unlisted company founded in June 2024, aims to establish a centralized marketplace for insurance products and services. The board has agreed to an investment that will not exceed 10% of Bima Sugam's paid-up equity share capital, contingent upon a corresponding increase in the company's authorized share capital, according to SBI Life's regulatory filing.

Private funding in India's insurtech sector set to cross $1 billion in the next 12 months: Report

IndianStartupNews

IndianStartupNews · 3m ago

Private funding in India's insurtech sector set to cross $1 billion in the next 12 months: Report

A report by The Digital Fifth and Perfios projects India's insurtech private funding to exceed $1 billion in the next year. The report outlines a transformative shift in the insurance sector with digital channels gaining traction. Key shifts include tech investments, digital transformation, and increased automation in life insurance onboarding and retail non-life claims. The sector faces structural challenges like low insurance penetration, but initiatives like NHCX and Bima Sugam aim to drive innovation and modernisation.

Efforts on to make health insurance more affordable, says IRDAI chief

Money Control

Money Control · 1y ago

Efforts on to make health insurance more affordable, says IRDAI chief

The Insurance Regulatory and Development Authority of India (IRDAI) is monitoring the recent increases in health insurance premiums and urges stakeholders to find a solution. The regulator emphasized the need for collaboration between health insurers and hospitals to address this issue. He also mentioned that price rationalization will occur as the health insurance customer base widens and efforts are being made to make the product more affordable. Furthermore, the regulator encouraged more insurance companies, industrial houses, and conglomerates to enter the insurance sector in India. Lastly, the implementation of the Bima Trinity is in its advanced stages.

IRDAI asks insurers to strengthen cybercrime defences, proposes revisions to anti-fraud policy

Money Control

Money Control · 12m ago

IRDAI asks insurers to strengthen cybercrime defences, proposes revisions to anti-fraud policy

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed new guidelines to strengthen the fraud-monitoring framework for insurers, with a focus on cyber fraud. Following a recent data breach at Star Health Insurance, where customer details were allegedly sold, IRDAI urges insurers to enhance their cybersecurity measures. The proposed rules include the establishment of independent fraud monitoring units, the implementation of fraud deterrence measures, and the creation of fraud monitoring committees. Additionally, IRDAI plans to utilise data analytics from the Insurance Information Bureau (IIB) to enhance threat intelligence sharing on frauds across the sector.

IRDAI warns brokers on deal rush

Economic Times

Economic Times · 3m ago

IRDAI warns brokers on deal rush

The Insurance Regulatory and Development Authority of India (IRDAI) has expressed concerns over the rising merger and acquisition activities within the insurance distribution sector. The IRDAI warns brokers against adopting practices aimed solely at inflating valuations, which could ultimately harm the industry. The inflow of private equity into insurance broking has increased substantially, with top brokers commanding the majority of revenue. The government encourages brokers to enhance insurance reach across various societal sectors.

Insurers told to pass on the benefits of GST reduction

Economic Times

Economic Times · 1m ago

Insurers told to pass on the benefits of GST reduction

The Insurance Regulatory and Development Authority of India (Irdai) has instructed insurers to transfer the benefits of the GST removal on life and health insurance premiums to customers. Effective September 22, these policies are tax-exempt, down from 18%. This governmental tax reform aims to boost insurance access and affordability, with Irdai urging insurers to enhance the accessibility, affordability, and reach of insurance products, particularly in rural and unorganized sectors, supporting the goal of universal coverage by 2047.

Irdai hardens stance: No insurance licence to VC-backed fintechs - The Economic Times

Economic Times

Economic Times · 1m ago

Irdai hardens stance: No insurance licence to VC-backed fintechs - The Economic Times

The Insurance Regulatory and Development Authority of India (Irdai) is tightening restrictions on granting insurance manufacturing licenses to venture-backed fintech startups, favoring promoter-driven firms instead. This shift affects companies like Onsurity and Loop Health, who raised substantial funding based on acquiring these licenses. Irdai believes that startups should focus on distribution rather than manufacturing, challenging their business models and valuations. New leadership at Irdai continues this approach, impacting sector dynamics.

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