Tired of confusing insurance options? IRDAI is launching Bima Sugam, a digital marketplace set to go live by November.
The idea: make it super easy for anyone to compare and buy insurance from different companies, all in one place.
After some delays since its proposal in 2022, it's finally happening.
Ajay Seth likens platform to UPI
IRDAI Chairman Ajay Seth says Bima Sugam could be as game-changing for insurance as UPI was for payments.
The platform will be not-for-profit, so insurers compete on quality and value, not just commissions.
Every insurer gets a presence on a common platform, and a shared data system (the Public Insurance Registry) helps keep things fair.
It'll roll out in phases, making independent insurance shopping way more accessible, without leaving traditional agents behind.