Bima Sugam to transform insurance sector: Industry

Bima Sugam, hailed as the “UPI (Unified Payments Interface) moment for insurance’, is poised to transform India’s insurance landscape by creating a unified digital marketplace for all insurance products and is expected to be a game changer for the industry, according to experts at the Business Standard BFSI Insight Summit 2025.

- BS REPORTER

(Clockwise from top) Debashish Banerjee, partner, Deloitte India; Sharad Mathur, MD & CEO, Universal Sompo General Insurance; Amit Roy, partner and leader, PWC India; and Narendra Bharindwal, president, IBAI

During a panel discussion moderated by Subrata Panda of Business Standard, industry experts view it as a powerful step toward transparency, affordability, and inclusion — particularly in rural and underpenetrated regions.

‘The initiative is expected to simplify policy buying and claims, and lower premiums. It also promises to streamline processes, and intermediaries such as agents and brokers remain essential for personal-ised advice and last-mile reach.

Amit Roy, partner and leader, insurance and allied businesses, PwC India, said: “The biggest challenge is building trust, not just selling a product. Bima Sugam can bring in transparency, feasibility, and customisation for policyholders. Most importantly, it will add glamour and pride, which the sector needs. It can also help expand the agent base — we have just 2.5 million agents in a country of 1.4 billion, which is extremely low.”