Bima Sugam India Federation: Insurance Marketplace Website Goes Live
Why in the news
The Bima Sugam India Federation (BSIF) launched its website. BSIF is the nodal body for the Bima Sugam marketplace, which IRDAI backs as India’s first digital public infrastructure for insurance.
Key facts
- BSIF: a public-private initiative of IRDAI to create one joined-up digital base for insurance.
- Bima Sugam: India’s first unified electronic insurance marketplace for life, health and general insurance.
Features
| Feature | What it offers |
|---|---|
| Unified marketplace | One platform for products from many insurers |
| Digital transactions | Paperless purchase, renewal, portability and claims using just the policy number |
| Transparency and access | Clear dealings and wider consumer reach |
Exam angle
- Backing regulator: IRDAI. Segments covered: life, health and general.