The government of India is set to launch Bima Sugam, a digital insurance marketplace, which is expected to revolutionize the insurance industry in the country. Industry leaders at the Mint BFSI Summit and Awards 2025 in Mumbai emphasized the potential of Bima Sugam to increase awareness about digital insurance, boost transparency, and increase accessibility, particularly in rural areas. The platform is expected to help both new-age and traditional insurers reach the country’s remotest corners.
Experts believe that Bima Sugam will instill confidence in online insurance purchases, reduce information asymmetry, and increase transparency, making it easier for consumers to file claims and manage their policies. The platform is also expected to empower a diverse range of players, from online disruptors to traditional offline agents.
Rajiv Gupta, president of PB Fintech Ltd, emphasized that Bima Sugam will help to remove silos and coordination challenges that customers face today, making it easier to file claims and manage policies. Similarly, Vishal Gupta, CEO of PhonePe Insurance, drew parallels between Bima Sugam and the transformative success of UPI, the unified payments interface.
The platform is also expected to address the issue of trust in the insurance industry, with Mayaank Bathwal, CEO of Aditya Birla Health Insurance, highlighting the importance of transparency and trustworthiness in achieving the government’s ambition of insurance for all by 2047.
Overall, industry leaders are optimistic about the potential of Bima Sugam to transform the insurance industry in India, making it more accessible, transparent, and efficient for consumers, particularly in rural areas.