Why in news? Insurance Regulatory and Development Authority of India has set up a committee to oversee the creation and development of its Bima Sugam

Highlights:

• It is an online marketplace that will house all companies selling life and non-life insurance on a single platform.

What is Bima Sugam?

• Bima Sugam aims to simplify the process of purchasing insurance for consumers.
• This online platform is where customers can choose a suitable scheme from multiple options given by various companies.
• All insurance requirements, including those for life, health, and general insurance (including motor and travel) will be met by Bima Sugam.

The  features of the portal

• The portal streamlines claim settlements for health and death coverage, going paperless using policy numbers.
• Insurance companies, both general and life insurers, will have significant ownership in the platform.
• Customers will access services through an ‘e-insurance account’ (E-IA).
• The platform enables insurance companies to access real-time, verified data from different sources

Who benefits from the Bima Sugam portal?

• RDAI’s robust platform will benefit insurers, hospitals, and policyholders alike.
• This exchange will serve as a centralized hub for health insurance-related activities; ensuring efficient policy management, quick & hassle-free processing of claims, automatic fund transfer for policyholders & hospitals, and reduced cost per claim to the insurer