IRDAI, the body that oversees the insurance sector, is developing Bima Sugam, a one-stop shop for the purchase, renewal, and settlement of insurance policies. The insurance sector will never be the same after Bima Sugam.
This technology-driven site will assist expand insurance penetration in the country by making it simple for people all around the country to obtain insurance.
In an interview with PTI, Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda stated that Bima Sugam should be a UPI moment for the insurance business.
The extensive use of the Unified Payments Interface (UPI) for even modest payments has transformed the nation’s digital payment system.
Many countries strive to replicate UPI’s rapid success, which has sparked worldwide interest. UPI payments, which were established in 2016, hit the 11 lakh crore mark in September of this year.
