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Bima Sugam may cut dependence on intermediaries
Business Standard
|March 26, 2024
Electronic insurance marketplace Bima Sugam is expected to reduce the dependence of insurers 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 Vistaar, Bima Sugam, part of Irdai's Bima Trinity 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.
"Insurers stand to benefit from the reduction or elimination of intermediaries, such as brokers and agents, instead favouring direct digital transactions. Insurance intermediaries may pivot towards advisory-based insurance products that require personalised guidance and cannot be easily purchased online," said Anuj Parekh, co-founder and chief executive officer (CEO), Bharatsure.
This story is from the March 26, 2024 edition of Business Standard.
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